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 2010The 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...
