alleryStart learning →When a company contravenes FEMA, who is deemed guilty along with it?
AAll the shareholders
BThose in charge of it
CAll the employees
DThe statutory auditors
Answer & Solution
Correct answer: B. Those in charge of it
Section 42 fixes liability on those in charge of and responsible for the conduct of the company's business.
Keep practising Foreign Exchange Management Act 1999
Browse all Foreign Exchange Management Act 1999 questions for CA Inter, or explore more Law topics.
Related questions
Who may regulate a non-resident's setting up of a branch office in India?FEMA borrows the meaning of chartered accountant from:Contraventions under FEMA are treated as:Under FERA, an accused was presumed:FEMA aims at promoting orderly development and maintenance of the:A company receiving FDI files which annual FEMA return?Which of these falls within the meaning of currency in FEMA?Under FEMA, import means bringing into India: