Skip to content

CS Executive · Setting Up of Business, Industrial and Labour Laws · Setting up of Business outside India and Issues Relating thereto

Anita is aggrieved by an order of the Competent Authority confirming seizure of equivalent assets under the Act's special provisions on assets held outside India. What remedy does the Act provide?

She may prefer an appeal to the Appellate Tribunal. Section 37A(5) gives any person aggrieved by an order of the Competent Authority this remedy, while Section 15 does not apply to the section, so compounding is not the route.

  1. AShe may appeal to the Appellate TribunalCorrect
  2. BShe may appeal to the Reserve Bank inspecting officer
  3. CShe may rely on Section 15 compounding of the contravention
  4. DShe has no remedy until adjudication ends

Explanation

Section 37A(5) states that any person aggrieved by an order of the Competent Authority may prefer an appeal to the Appellate Tribunal. Section 37A(6) says Section 15 does not apply to this section, so compounding is unavailable under it.

Did you get it right without looking?

One question tells you little. A timed set on Setting up of Business outside India and Issues Relating thereto shows your real accuracy, how long you take and where you lose marks.

Practise Setting up of Business outside India and Issues Relating theretoFree diagnostic mock

More Setting up of Business outside India and Issues Relating thereto questions