FEMA SCN Set Aside – SC Holds Adjudication Cannot Override Competent Authority Findings Pending Appeal

J. Sri Nisha Vs Special Director (Supreme Court of India) FEMA SCN Set Aside – SC Holds Adjudication Cannot Override Competent Authority Findings Pending Appeal The Supreme Court quashed the FEMA adjudication order, High Court rulings, and revived proceedings from the SCN stage, holding that adjudicating authority cannot disregard findings of the Competent Authority when appeal against such findings is pending. The case arose from FEMA proceedings alleging violation of Section 4 relating to acquisition/holding of foreign securities. The Competent Authority u/s 37A(3) had already refused ...