Directors Not Liable for Pre-Appointment FEMA Contraventions, Tribunal Slashes Penalties, Company Liable 

Ralson Industries Ltd. Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi) The Appellate Tribunal decided five connected appeals relating to unrealised export proceeds of ₹3.36 crore by M/s Ralson Industries Ltd. (now D.A. Rubber Industries Ltd.) in exports of bicycle tyres & tubes during 2002–2007 to a Dubai buyer, Emirates Technologies LLC. The buyer withheld payment for 32 consignments in 2007, citing defects in earlier shipments. Despite multiple follow-ups-including visits to Dubai in 2010 & 2013-the proceeds remained unrealised. The Enforcement Directorate held that th...