SAFEMA Deletes FEMA Penalty on Technical Director; Mere Designation Not Enough

Vivek Goyal Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal Deletes FEMA Penalty on Technical Director; Mere Designation Does Not Attract Vicarious Liability Under Section 42 The Appellate Tribunal under SAFEMA allowed the appeal filed by Vivek Goyal, setting aside the ₹10 lakh penalty imposed under Section 42 of the FEMA for the failure of Neomagic Semiconductor India Pvt. Ltd. to fulfil export obligations against export advances of US$ 11,13,769 received from its US parent company. The Enforcement Directorate had alleged that, as a Director, the appellant was vica...