Foreign Exchange Regulation Act, 1973 – Sections 8(3), 8(4) and 68 – Imposition of penalty – Plea of the appellant that he was part-time, non-executive Director not in charge of the conduct of business of the Company at the relevant time was erroneously discarded by the authorities and the High Court HELD present is a case where the liability has been fastened on the appellant without there being necessary basis for any such conclusion.

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