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Search Results for "FEMA adjudication"

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High Court

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 2022

The petitioners, Sterlite Industries (India) Limited and its directors, filed a writ petition challenging a show cause notice dated 19th February 2009...

Supreme Court

Supreme Court Dismisses Appeal Against RBI Guidelines Prohibiting Merchanting Trade in Banned Goods During Pandemic. Clause 2(iii) of the 2020 MTT Guidelines is a reasonable restriction under Article 19(6) as it serves the legitimate aim of preserving domestic PPE stocks and is not manifestly arbitrary.

6 Dec 2021

The appeal arose from a judgment of the Madhya Pradesh High Court upholding Clause 2(iii) of the Revised Guidelines on Merchanting Trade Transactions ...

Supreme Court

Supreme Court Remands Oppression Petition in Share Allotment Dispute Under Sections 397/398 of Companies Act, 1956 — Preference Shareholder's Voting Rights and Validity of Allotments Require Reconsideration. The Court held that the allotments were made in compliance with Section 81(1A) but the High Court failed to properly assess the allegations of oppression, necessitating a fresh hearing by the Company Law Board.

10 May 2019

The appeal arose from a judgment of the Delhi High Court which set aside an order of the Company Law Board (CLB) in a petition under Sections 397 and ...

High Court

Bombay High Court Enforces Foreign Arbitral Award in Favor of Award Holder Against Award Debtor. Court Rejects Objections Under Section 48 of Arbitration and Conciliation Act, 1996 for Non-Compliance, Incapacity, Natural Justice, and Public Policy.

15 Sep 2014

The case concerns the enforcement of a foreign arbitral award dated 17th January, 2011 passed in London, UK, in favor of Vitol S.A. (the award holder)...

High Court

Bombay High Court Dismisses Petition Challenging FEMA Show Cause Notices Against BCCI President. Section 42 of FEMA applies to persons in charge of and responsible for the conduct of business of a company, and the petitioner as President is covered.

7 Aug 2013

The petitioner, Shashank Vyankatesh Manohar, was the President of the Board of Control for Cricket in India (BCCI) from 2008 to 2011. During this peri...

High Court

Bombay High Court Dismisses Appeal Against Full Predeposit of Penalty in FEMA Case — No Undue Hardship or Prima Facie Case Established. Appellant failed to demonstrate financial hardship or strong case on merits for waiver of predeposit under Section 19(1) of FEMA, 1999.

26 Apr 2012

The Appellant, Rajkumar Shivhare, was proceeded against for violation of Section 3(c) of the Foreign Exchange Management Act, 1999 (FEMA) for allegedl...

High Court

Bombay High Court Upholds Penalty for FEMA Violations in Bogus Export Case — Appellant Director Held Liable for Receiving Remittances Without Actual Exports Under Sections 3(b) and 3(d) of FEMA.

28 Mar 2012

The case involves an appeal under Section 35 of the Foreign Exchange Management Act, 1999 (FEMA) against an order of the Appellate Tribunal for Foreig...

High Court

Bombay High Court Dismisses Union of India's Appeal for Condonation of Delay in FERA Matter Due to Lack of Sufficient Cause. Delay of 570 days in filing appeal against Appellate Tribunal for Foreign Exchange order not condoned as explanation of administrative delays and file movements was not satisfactory.

7 Feb 2012

The Union of India filed a Civil Application under Section 5 of the Limitation Act, 1963 seeking condonation of a 570-day delay in filing an appeal ag...

High Court

Bombay High Court Allows Exclusion of Time Under Section 14 of Limitation Act for Appeal Under Section 35 of FEMA — Appellant Bona Fide Pursued Remedies Before Wrong Forum

6 Jul 2011

The appellant, Rajkumar Shivhare, was issued a show cause notice under Section 3(C) of the Foreign Exchange Management Act, 1999 (FEMA) on 12 January ...

High Court

Bombay High Court Allows Appeal in FEMA Case — Nominee Director Not Vicariously Liable for Acts of Subordinates. The Court held that a nominee director of a joint venture company cannot be held vicariously liable under the Foreign Exchange Management Act for acts of commission or omission of subordinates without specific knowledge or involvement.

16 Sep 2010

The appellant, Shri M.M. Shah, was the paid Managing Director of Indian Card Clothing Ltd. (ICC) from 1994 to 1997. ICC and Spifa Germany promoted a j...

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