Proceedings Should Be Initiated Within Reasonable Period When No Period Is Specified In Statute: Supreme Court

The Supreme Court observed that the authorities are required to initiate proceeding within a reasonable period when no such period has been provided in the Statute.The bench comprising Justices BR Gavai and PS Narasimha quashed show cause notices issued in the year 2002 against some banks to explain certain transactions of the year 1992-­1993.In this case, proceedings were initiated under FERA against Citi Bank, Bank of America and Standard Chartered Bank. The Delhi High Court, allowing...

[Section 68 FERA] Liability For Offence Depends On Role One Plays In Company Affairs And Not On Mere Designation Or Status: SC [Read Judgment]

The Supreme Court has held that, for proceeding against a Director of a company for contravention of provisions of Foreign Exchange Regulation Act, 1973, the necessary ingredient for proceeding shall be that at the time offence was committed, the Director was in charge of and was responsible to the company for the conduct of the business of the company. The liability to be proceeded with for offence under Section 68 of FERA, 1973 depends on the role one plays in the affairs of the...