FEMA :: Imprisonment and Fine ::

Court :
Supreme Court

Brief :
Held by Supreme Court that under section 56(1) (i) of the Foreign Exchange Regulation Act,although imprisonment is compulsory for not less than six months,yet the company can be prosecuted. It is clear and explicit that statute do not provide any immunity to the body corporates in this respect.

Citation :
Standard Chartered Bank and Others Vs. Directorate of Enforcement and Others

Imprisonment and Fine Standard Chartered Bank and Others Vs. Directorate of Enforcement and Others 05/05/2005 (2005)275 ITR 81(SC) Case Fact: Whether a company can be prosecuted for an offence under Foreign Exchange Act ,if imprisonment is compulsory. Decision: Held by Supreme Court that under section 56(1) (i) of the Foreign Exchange Regulation Act,although imprisonment is compulsory for not less than six months,yet the company can be prosecuted. It is clear and explicit that statute do not provide any immunity to the body corporates in this respect.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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