Clerk working with company during import of machinery not ...

Clerk not instrumental in business; director not liable for past acts. Mere designation insufficient for vicarious liability under FERA.

Case Laws FEMA

July 9, 2024

Clerk working with company during import of machinery not instrumental in conducting business or responsible for contravention. Director inducted later not liable for past acts when no manufacturing activity. Mere designation insufficient for vicarious liability under FERA, averment of being in-charge and responsible for business conduct at relevant time required as per precedent. Appeal allowed, impugned order set aside, pre-deposit to be returned with interest, bank guarantee discharged.

View Source

← Previous Next →

Clerk working with company during import of machinery not ...

Clerk not instrumental in business; director not liable for past acts. Mere designation insufficient for vicarious liability under FERA.

Case Laws FEMA

July 9, 2024

You may also like:

The law regarding the liability of a director for an offence u/s 138 of the Negotiable Instruments Act committed by a company is well-established. Section 141, being a...

Dishonor of cheque case - vicarious liability of directors u/s 138 read with Sections 141 and 142 of Negotiable Instruments Act. Court held specific, unambiguous...

Liability of one of an independent Director of a Company under Section 141 of N.I. Act for the dishonour of the cheque issued by the original accused on behalf of the...

The court interpreted Section 141 of the Negotiable Instruments Act, holding that managing directors and joint managing directors are responsible for the company's...

The High Court held that the penalty imposed on a company cannot be recovered from its former director u/s the Companies Act. The director cannot be held personally...

Dishonor of Cheque - insufficient funds - vicarious liability of the petitioner u/s 141 of NI Act after tendering such resignation - the complainant should specifically...

The case involves an offence under FEMA with regard to the business conduct of a company. The liability of a director for contravention of provisions depends on their...

Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...

Levy of GST - Reverse Charge Mechanism - salary paid to Director of the company who is paid salary as per employment contract, after deduction of TDS as well as PF -...

Appointment of Additional Director or independent Director - incorrect declaration in the aforesaid Form DIR-12 or not - The subsequent documents along with the...

Offence under SEBI - person responsible for the commission of the offence - A company may have numerous Directors, however, it is apposite to state that to make each of...

Personal hearing notice issued to petitioner by Assistant Director (SRO) directing appearance before Additional Director (adjudicating authority). Additional Director's...

Company to have Board of Directors - easier requirements with respect to appointment of resident director. It also seeks to specify limits with respect to pecuniary...

Appointment of directors - in addition to Director Identification Number, a director may hold any other identification number prescribed by Central Government under...

Liability of Independent Director who was retired before the date of offence - the petitioner as seen from the documents was an Additional Director on the date the board...

Quick Updates: