SAFEMA Tribunal Upholds CFO Liability in FEMA Case, Reduces Penalty

Sanjay Pai Vs Special Director (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal: CFO Liable For FEMA Violations By Company; Penalty Reduced But Liability Upheld The Appellate Tribunal under SAFEMA partly allowed the appeal filed by Sanjay Pai, former Chief Financial Officer (CFO) of Plethico Pharmaceuticals Ltd., against the penalty imposed under the Foreign Exchange Management Act (FEMA). The case related to contraventions arising from the company’s Foreign Currency Convertible Bonds (FCCB) issue of about USD 75 million (≈ ₹297 crore) for overseas acquisitions. The Enforcement Di...