replaced by the Foreign Exchange Management
Act, 1999 (hereinafter referred to as FEMA).
5. On May 24, 2002, the appellant-
complainant in the capacity ... were
time-barred and liable to be quashed. It was
submitted that FEMA came into force from June
1, 2000 and under sub-section
elaborated as follows:
16.1 That the FDI Policy and the statutory FEMA Regulations (which
incorporate the FDI Policy as a Schedule thereto), permit ... required to be converted
into equity: CCDs). The FDI Policy and the FEMA Regulations prohibit any
other form of investment (non equity) in the said
Appellate Tribunal constituted under the Foreign
Exchange Management Act 1999 (in short FEMA) was right in
rejecting a belated appeal filed under Section ... FEMA, applying
the first proviso to sub section (2) of Section 52 of Foreign Exchange
Regulation Act 1973 (in short FERA), instead of following
policy,
Reserve Bank of India Act (RBI)/ Foreign Exchange Management Act
9
(FEMA) which requires investigation. Firms operating under the
brand name of PwCPL received ... compliances. They have
violated Foreign Direct Investment (FDI) Policy, RBI master
circulars, FEMA Act and Rules. According to Notification dated May
3, 2000, under Section
dealing with the effect of Foreign
Exchange Management Act, 1999 (for short, ‘FEMA’) and the repeal of
Foreign Exchange Regulation Act, 1973 (for short, ‘FERA ... corresponding penal punitive law available. He referred to various
provisions of FEMA, particularly, Chapter IV that deals with contravention
and penalties; Chapter V that provides
share to the 1st Respondent @ book value is in violation to FEMA
and Public Policy of India. Under points numbers ... requirements of The Foreign Exchange
Management Act, 1999 (hereafter referred to as “FEMA”) and
therefore violation of public policy 8, (ii) The AWARD is
unsustainable
contrary to the provisions of the
Foreign Exchange Management (Guarantees) Regulation, 2000 (FEMA) and in
particular Regulations 3 and 5, which read thus :-
"Regulation ... itself was contrary to
and prohibited under the provisions of the said FEMA Regulations, the impugned
award is in conflict with the public policy
Foreign Exchange Management Act, 1999
3
(hereinafter referred to as `FEMA' or `the Act') in which
certain serious allegations have been levelled against ... under aforesaid two contracts, in contravention of the
provisions of FEMA. It is further alleged that the appellants
and others, jointly and severally, without
violates the provisions of the Foreign Exchange
Management Act, 1999 (FEMA).
Background
3. The aforesaid controversy arises in the context of the following
facts ... public policy of India as it contravenes the provisions of
FEMA. He contended that any award which was contrary to any statutory
provision of Indian
Section 49 of the Foreign Exchange Management Act, 1999 (FEMA)
should not be held against them for the aforesaid contraventions.
4. Vide order dated ... before the Appellate
Tribunal for Foreign Exchange under Section 19 of the FEMA, along
with an application seeking condonation of delay in filing the said
