It is for violation of Section 18(2) and Section 18(3) of the FERA that would entail action under Section 56 FERA, but the intervening threshold of issuance of show cause notice/opportunity notice and hearing the notice before passing the decision upon such mandatory application of principles of natural justice alone that the action under Section 56 could, at all, have been initiated.
While Xiaomi’s petition was held to be maintainable on the fulcrum of Article 14, however, the impugned provision as per the High Court did not manifest any arbitrariness.
DEAL DETAILS Citigroup Global Markets India Private Limited | Block trade of equity shares of Kalyan Jewellers India Limited by Highdell Investment
Income Tax Appellate Tribunal, Bangalore Benches (ITAT): The Bench of Chandra Poojari, AM and George George K, JM while partly allowing an
On September 08, 2021, the Reserve Bank of India has notified the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations,
“Merely because no provision in the Act makes the transaction void or says that no title in the property passes to the purchaser in case there is contravention of the provisions of Section 31, will be of no avail. That does not validate the transfer referred to in Section 31, which is not backed by “previous” permission of the RBI.”
Risk Management and Inter-bank Dealings- Permitting AD Cat-I banks to voluntarily undertake user and Inter-Bank transactions beyond onshore market hours As announced