AdvertisementAjay Prakash Lohia Vs Assistant Director (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Tribunal Sets Aside FEMA Penalty on Former Director; Holds Vicarious Liability Cannot Be Imposed Without Specific Role The Appellate Tribunal under SAFEMA allowed the appeal filed by Ajay Prakash Lohia, setting aside the ₹6 lakh penalty imposed on him under Section 42(1) of the FEMA in relation to the failure of Uniworth International Ltd. to realise export proceeds. The case arose from the company’s failure to repatriate export proceeds running into substantial foreign currency amounts against seve...