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Directors Not Liable for Pre-Appointment FEMA Contraventions, Tribunal Slashes Penalties, Company Liable
Case Law Details
- Case Name
- Ralson Industries Ltd. Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi)
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Ralson Industries Ltd. Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi)
The Appellate Tribunal decided five connected appeals relating to unrealised export proceeds of ₹3.36 crore by M/s Ralson Industries Ltd. (now D.A. Rubber Industries Ltd.) in exports of bicycle tyres & tubes during 2002–2007 to a Dubai buyer, Emirates Technologies LLC. The buyer withheld payment for 32 consignments in 2007, citing defects in earlier shipments. Despite multiple follow-ups-including visits to Dubai in 2010 & 2013-the proceeds remained unrealised.
The Enforcement Directo...
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