FEMA reporting breach and director liability upheld, while penalties were reduced on proportionality grounds despite later circular plea

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....Delayed reporting of foreign direct investment remittances, delayed allotment of shares and non-filing of FC-GPR constituted contraventions under FEMA and the applicable regulations on admitted facts, so the company's breach findings were upheld. A later RBI circular on late submission fees was held inapplicable because it was expressly prospective and the remittances predated it, so that plea failed. Liability of the individual directors was also sustained because the record showed they were responsible for share-allotment and regulatory compliance. The proceedings were treated as civil in nature, absence of mens rea did not bar penalty, but the amounts were reduced on proportionality grounds.....