Appeals Partly Allowed as Namesake Partners Cleared for Lack of Control

S. Gowrishankar Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi) FEMA Penalties Upheld Despite CESTAT Relief: SAFEMA Tribunal Backs ED on Hawala & Undervaluation The Appellate Tribunal under SAFEMA, New Delhi, vide final order dated 24.12.2025, dismissed appeals filed by Shri S. Gowrishankar, Shri Dhiraj Gupta, M/s Shami Impex, Shri Kamalesh Gupta and Smt. Mamta Gupta against Order No. JD/CEZO/Z-1/06/2017 dated 30.06.2017 passed by the Joint Director, Directorate of Enforcement, Chennai, imposing penalties for contravention of Section 3(b) of the Foreign Exchange Management Act, 1...