Deal Corner
Emerson Climate
L&L Partners, Litigation team successfully represented Emerson Climate Technologies (India) Private Limited in an appeal before the Office of the Special Director (Appeals), FEMA, Mumbai for setting aside the order passed by Assistant Director, Directorate of Enforcement, Mumbai imposing a penalty of INR 25,00,000/- under section 10 (6) of FEMA 1999. The challenge revolved around the obligations of an importer, utilizing the foreign remittance acquired, under FEMA 1999, and the interpretation of Reserve Bank of India’s Circular No.
9 dated 24-08-2000.
The matter was argued by Partner Designate, Abhishek Ghai, ably assisted by Senior Associate – Rugved More and Associate – Narayani Bhattacharyya.