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Non-executive director cannot be penalized for non-fulfilment of export obligations by company
Case Law Details
- Case Name
- Anand Mehta Vs Director General Of Foreign Trade (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Anand Mehta Vs Director General of Foreign Trade (Delhi High Court)
Delhi High Court held that independent non-executive director cannot be held liable for non-fulfilment of export obligations by the company. Accordingly, penalty imposed on the director is liable to be set aside.
Facts- A show cause notice dated 08.09.1992 was sent by the Respondent under Section 14 of the Foreign Trade (Development and Regulation) Act, 1992 [FTDR Act] to the Company including its Directors and the Petitioner for non-fulfilment of its export obligations under the FTDR Act.
On 12.04.2007, the Respondent issued...
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