Prudeta
Prudeta
2026 INSC 309
📌 Paras 3-8
The appellants, a company and its directors, challenged an order and show cause notice (SCN) issued under the Foreign Exchange Management Act, 1999 (FEMA). The SCN alleged violation of FEMA provisions related to the acquisition and transfer of shares in a Singapore-based company without requisite RBI approval. The Authorised Officer had seized properties under Section 37A(1) of FEMA.
📌 Para 12
Whether the SCN and consequential proceedings were vitiated and non est in law, given that the Competent Authority, under Section 37A(3) of FEMA, had previously rejected the confirmation of asset seizure for lack of proof of contravention of Section 4 of FEMA.
📌 Paras 23-28
The Supreme Court hel
The bench further analyzed the constitutional validity of the impugned provisions and discussed the interpretation of Articles 14 and 21 in light of recent precedents...
Citing the ratio in prior decisions, the court held that the legislative intent was to ensure...
No credit card required · 14-day free trial