A contract is void if prohibited by a statute under a Penalty: SC

Asha John Divianathan Vs. Vikram Malhotra & Ors. (Supreme Court) Transaction entered into by a foreign citizen of ‘Indian origin’, to deal with real estate in India on certain conditions – transaction (specified in Section 31 of Foreign Exchange Regulation Act, 1973) entered into in contravention of that provision is void or is only voidable and it can be voided at whose instance – Mandation to get general or special permission of the RBI for transfer or disposal of immovable property situated in India by sale or mortgage by a person, who is not a citizen of India...