Section 19, read with section 49, of the Foreign Exchange Management Act

FEMA : If within sunset period under section 49(3) of FEMA, a revision petition was filed under section 52(4) of FERA, such revision petition would continue before Appellate Tribunal even after repeal of FERA
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[2015] 53 taxmann.com 133 (Delhi)
HIGH COURT OF DELHI
Rakesh Jain
v.
Union of India
S. MURALIDHAR, J.
CRL. A. NOS. 630,756 & 818 OF 2008†
SEPTEMBER  24, 2014
Section 19, read with section 49, of the Foreign Exchange Management Act, 1999/Section 52 of the Foreign Exchange Regulation Act, 1973 - Appellate Board - Appeal to - Whether if within sunset period under section 49(3) of FEMA, a revision petition was filed under section 52(4) of FERA, such revision petition would continue before Appellate Tribunal even after repeal of FERA - Held, yes [Para 18]
Section 42 of the Foreign Exchange Management Act, 1999/Section 68 of the Foreign Exchange Regulation Act, 1973 - Offences by companies - Whether for purposes of section 68 where contravention is by a company, liability cannot be fastened on its directors if company itself is not proceeded against - Held, yes [Para 25]