Karnataka HC Quashes FEMA Notice Issued Under Omitted Section 6(3)(b)

Binu Jacob Vs Office of The Special Directorate of Enforcement (Karnataka High Court)

Karnataka HC Quashes FEMA Notice – Action Based on Omitted Section 6(3)(b) Held Without Jurisdiction

Background

Petitioner Binu Jacob challenged the show-cause notice dated 25.02.2020 & the complaint dated 25.10.2019 issued by the Directorate of Enforcement (ED) under the Foreign Exchange Management Act, 1999 (FEMA). The notices alleged violation of Section 6(3)(b) of FEMA relating to transfer or issue of securities by persons resident outside In

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