Section 3, read with section 42, of the Foreign Exchange Management Act

FEMA : Order imposing penalty upon appellant-director for contravention of section 8 of FERA was set aside when appellant was not a director incharge of company at relevant time when offence was committed
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[2015] 53 taxmann.com 132 (Delhi)
HIGH COURT OF DELHI
Umesh K. Modi
v.
Deputy Director of Enforcement
S. MURALIDHAR, J.
CRL. A. NO. 568 OF 2008†
JULY  31, 2014
Section 3, read with section 42, of the Foreign Exchange Management Act, 1999/Section 8, read with section 68, of the Foreign Exchange Regulation Act, 1973 - Restrictions on dealing in foreign exchange - Whether where appellant was not a director incharge of company when contravention of section 8 took place and also had discharged his burden in terms of section 68(2), order imposing penalty upon appellant for contravention of sections 8 and 68 was to be set aside - Held, yes [Paras 18, 19 & 20]