Bombay High Court Allows Writ Petition Challenging Show Cause Notice Under FEMA for Alleged Violation of Section 6(3)(b) and Regulation 3(1) of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000. Court held that the show cause notice was issued beyond the limitation period of 16 years under Section 6(3)(b) of FEMA and that the acquisition of shares of a foreign company by a resident Indian company does not require prior approval under the regulations.
14 Jul 2022The petitioners, Sterlite Industries (India) Limited and its directors, filed a writ petition challenging a show cause notice dated 19th February 2009...
