https://www.taxtmi.com/caselaws?id=470847 Section 42 of the Foreign Exchange Management Act may apply to a company officer whose consent, connivance or neglect is alleged to have contributed to a company's contravention, even if the officer was not formally a director throughout the relevant period. The officer's operational involvement in the failure to realise export bills requires statutory adjudication. Under Rule 4(3), the adjudicating authority may form a subjective prima facie opinion from the available material without issuing a separate reasoned written order. Where material supports further inquiry and no civil consequence has yet arisen, adjudication may proceed, subject to statutory appellate remedies. en-us Tue, 15 Sep 2015 00:00:00 +0530 Tue, 11 Aug 2026 15:15:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470847 Section 42 of the Foreign Exchange Management Act may apply to a company officer whose consent, connivance or neglect is alleged to have contributed to a company's contravention, even if the officer was not formally a director throughout the relevant period. The officer's operational involvement in the failure to realise export bills requires statutory adjudication. Under Rule 4(3), the adjudicating authority may form a subjective prima facie opinion from the available material without issuing a separate reasoned written order. Where material supports further inquiry and no civil consequence has yet arisen, adjudication may proceed, subject to statutory appellate remedies. Case-Laws FEMA Tue, 15 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470847