https://www.taxtmi.com/caselaws?id=798801 Director liability for unrealised export proceeds can continue despite the company entering liquidation where the director controlled its affairs during the contravention and does not rebut the presumption that reasonable recovery steps were not taken. Knowledge of an investigation, combined with failure to respond after notices, service attempts and affixture, defeats a claim of denial of a fair hearing. Liquidation does not by itself remove liability or establish inability to obtain company records from the Official Liquidator. Although the contravention and personal liability remained, the penalty was confined to the amount already deposited, considering the elapsed period, adjudication delay and liquidation. en-us Wed, 09 Sep 2026 00:00:00 +0530 Sat, 12 Sep 2026 08:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798801 Director liability for unrealised export proceeds can continue despite the company entering liquidation where the director controlled its affairs during the contravention and does not rebut the presumption that reasonable recovery steps were not taken. Knowledge of an investigation, combined with failure to respond after notices, service attempts and affixture, defeats a claim of denial of a fair hearing. Liquidation does not by itself remove liability or establish inability to obtain company records from the Official Liquidator. Although the contravention and personal liability remained, the penalty was confined to the amount already deposited, considering the elapsed period, adjudication delay and liquidation. Case-Laws FEMA Wed, 09 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798801