Foreign Exchange Management Act, 1999 (FEMA)

The Supreme Court dismissed the appeals of Vijay Karia and others against the Bombay High Court’s order enforcing four LCIA awards arising from a joint‑venture dispute with Prysmian Cavi E Sistemi SRL. The Court held that none of the grounds pleaded under Section 48 of the Arbitration and Conciliation Act, 1996 – inclu…

Thirumalai Chemicals Ltd imported goods in 1996 and, due to a bank error, the required exchange control documents were not forwarded to the RBI, leading to penalty orders under FERA. The company sought to appeal these orders after FEMA came into force, filing belated appeals in 2004 before the Appellate Tribunal under …

The petitioners challenged the constitutional validity of Section 3(1) of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA), which authorises preventive detention of persons whose activities are prejudicial to the conservation or augmentation of foreign exchange. They argu…