FIRST GLOBAL STOCKBROKING PVT. LTD. & ORS. versus ANIL RISHIRAJ & ANR.

FIRST GLOBAL STOCKBROKING PVT. LTD. & ORS. versus ANIL RISHIRAJ & ANR.

Because cognizance was taken within the two-year sunset period in section 49(3) of FEMA, and section 49(4) of FEMA preserves offences committed under the repealed FERA so that, by legal fiction, the provisions of FERA continue to govern saved prosecutions, the complaint filed by the Enforcement Officer appointed under FERA and authorised under section 61(2)(ii) of FERA remained valid and competent to support cognizance.

Parties
Appellants: First Global Stockbroking Pvt. Ltd. & Ors.; Respondents: Anil Rishiraj & Anr.
Jurisdiction
India
Judgment Date
21 September 2023
Procedural Posture
Criminal Appeal / Appeal to Supreme Court; Judgment Disposing the Appeal (appeal Dismissed)
Outcome
Appeal dismissed.
Legal Topics
Repeal and Saving Clauses, Cognizance of Offences, Authority of Enforcement Officers, Sunset Period Under Section 49 FEMA
Foreign Exchange Law Criminal Law Statutory Interpretation Repeal and Saving Clauses Cognizance of Offences Authority of Enforcement Officers Sunset Period Under Section 49 FEMA

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Parties

First Global Stockbroking Pvt. Ltd. & Ors.

Appellants

Anil Rishiraj & Anr.

Respondents

Procedural Posture

Criminal Appeal / Appeal to Supreme Court; Judgment Disposing the Appeal (appeal Dismissed)

Legal Issues

  1. 1 Whether an Enforcement Officer appointed under clause (e) of section 3 of FERA continued to have authority to file a complaint for offences punishable under FERA where cognizance was taken within the two-year sunset period under section 49(3) of FEMA
  2. 2 Whether prosecutions for offences under FERA are governed by FERA after repeal by virtue of section 49(4) of FEMA and related legal fiction

Ratio Decidendi

Because cognizance was taken within the two-year sunset period in section 49(3) of FEMA, and section 49(4) of FEMA preserves offences committed under the repealed FERA so that, by legal fiction, the provisions of FERA continue to govern saved prosecutions, the complaint filed by the Enforcement Officer appointed under FERA and authorised under section 61(2)(ii) of FERA remained valid and competent to support cognizance.

Court Disposition

Appeal dismissed.

Orders

  • Appeal dismissed.
  • Trial Court directed to give necessary out-of-turn priority to disposal of the complaint bearing CC.No.14/CW/2002, which had remained stayed since 7 January 2011.