Doctrine of lifting the étudiant corporate veil - Investments by company owned by non-residents of Indian harley nationality in guide accordance with the harley Foreign Exchange Regulations, the comparatif Non- Residents 910 External Account Rules, 1970, the concert Portfolio Investment Scheme, the Exchange Control international Manual, Stock Exchange Control (Regulation) Act, 1956.
The task échange of enforcement is left to the Directorate of Enforcement, but it is the Reserve Bank of India and the Reserve Bank of India alone that has to decide whether permission may or may not be granted under section 29(1) of the Act.
2(h) of the Act to mean foreign currency and includes - i) all deposits, credits and balances payable in any foreign currency and any drafts, traveller's cheques, letters coquine of credit and bills of exchange, expressed or drawn in Indian currency but payable in any foreign.That may be so for the obvious reason that ordinarily one would expect permission to be sought and given before the act.On the same date, another letter was written by the Reserve Bank of India to the Punjab National Bank asking for particulars of the thirteen companies purchased by them and the dates of remittances 80 far received harley from the thirteen companies.It was, therefore, to the Punjab National Bank that the Reserve Bank turned for elucidation noel in the matter.In such cases, wherever the Reserve Bank of India suspects an oblique motive, it will not only refuse permission but will further resort to action under section 50, puebla 61 and 63 not merely to punish the offender but also confiscate the property involved.Letters to the Punjab National Bank said to accompany the letters were not placed before us and the counsel for the Punjab National Bank denies that any such letter was ever received by the Punjab National Bank.It was said, the subservience of substances contre of a transaction to some rigidly prescribed from required to be meticulously observed, savours of archaic and outmoded jurisprudence.1017 G-H; 1018 A-B O'Reilly.Shri Nariman then suggested that even if we look st the provisions.Davar, on behalf of the financial institutions, put in written note.1.1984 signed by him demanding the Board of Directors voiture to reconsider its decision.Raja Ram Bhasin Company.On entend par: non- résident: toute personne physique ayant son principal centre d'intérêt à l'étranger, tout fonctionnaire étranger en poste dans un Etat membre de l'uemoa et toute personne morale nationale ou étrangère pour ses établissements dans un Etat autre restrictions que ceux de l'uemoa ;.Share is movable property, with all the attributes of such property.We have arriere been escorts eagerly waiting and have made several requests to all the financial institutions echange to expedite their approval so that the other processes of the merger including the permission of the High Court followed by the Extraordinary Shareholders meeting of both the Companies may.If the amount breakfast was not utilised for the purchase of shares for the Caparo Group of Companies, escort it must necessarily udem follow that locally available funds and not foreign remittances must have been utilised for purchasing some of the shares. Man Mohan Singh, Governor of the Reserve Bank of India and he made the following endorsement on the letter : "I have discussed this case with FS and.
Davar as a Director even if the financial institutions had no right to nominate him.
1 and 2, the petitioners are certainly entitled to seek a declaration in this behalf.
It is only now it has come to light that the Punjab National Bank acted no better than a mere dumb, dummy and signally failed to discharge the functions entrusted to them under the Act and the scheme.
It is also true that the burden of proof is on the person proceeded against and that mensrea may consequently be interpreted as ruled out.
The proper way is to give due weight to the use as well as the omission echange to use the qualifying words in different provisions of the Act.