Supreme Court Quashes Criminal Complaint Against Company and Managing Director for Foreign Exchange Violations. Complaint Invalid as Director of Enforcement Failed to Comply with Proviso to Section 23D(1) of Foreign Exchange Regulation Act Requiring Finding that Penalty in Adjudication Proceedings Would be Inadequate; Prosecution Under Rule 132A Also Incompetent After Rule Was Omitted.
23 Jul 1969The Rayala Corporation Pvt. Ltd. and its Managing Director, M.R. Pratap, appealed against a Madras High Court order that had dismissed their applicati...
