FDI Condition Breach Upheld, Tribunal Cuts Penalty in Real Estate Project Case

Alliance Buildwell Projects Pvt. Ltd. Vs Directorate of Enforcement (Appellate Tribunal Under Safema At New Delhi) FDI Condition Breach Upheld, Tribunal Cuts Penalty in Real Estate Project Case The Appellate Tribunal under SAFEMA upheld the finding that M/s Alliance Buildwell Projects Pvt. Ltd. and its directors violated FEMA provisions by failing to meet the mandatory FDI condition of developing at least 50% of a real estate project within five years of statutory approval. Despite receiving approximately ₹43.84 crore in foreign investment, the company completed only about 18% of the project...