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FDI Condition Breach Upheld, Tribunal Cuts Penalty in Real Estate Project Case
Case Law Details
- Case Name
- Alliance Buildwell Projects Pvt. Ltd. Vs Directorate of Enforcement (Appellate Tribunal Under Safema At New Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Appellate Authority, SAFEMA
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Alliance Buildwell Projects Pvt. Ltd. Vs Directorate of Enforcement (Appellate Tribunal Under Safema At New Delhi)
FDI Condition Breach Upheld, Tribunal Cuts Penalty in Real Estate Project Case
The Appellate Tribunal under SAFEMA upheld the finding that M/s Alliance Buildwell Projects Pvt. Ltd. and its directors violated FEMA provisions by failing to meet the mandatory FDI condition of developing at least 50% of a real estate project within five years of statutory approval. Despite receiving approximately ₹43.84 crore in foreign investment, the company completed only about 1...
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