AdvertisementTamilnad Mercantile Bank Ltd. Vs Special Director (Appellate Tribunal Under SAFEMA Delhi) SAFEMA Appellate Tribunal Quashes FEMA Penalties in Tamilnad Mercantile Bank Share Transfer Case, Holding RBI Approval and Subsequent Transactions Did Not Constitute Contraventions The Appellate Tribunal under SAFEMA, New Delhi, decided a batch of appeals arising from penalties imposed by the Enforcement Directorate in connection with the transfer of shares of Tamilnad Mercantile Bank Ltd. (TMBL), the opening of escrow accounts, guarantees extended by Standard Chartered Bank, and foreign exchange transact...