FERA Proceedings Against Standard Chartered Bank Quashed Due to Absence of Mandatory Notice: Supreme Court

The Supreme Court has quashed criminal proceedings initiated against Standard Chartered Bank and one of its officials under the Foreign Exchange Regulation Act, 1973, holding that the prosecution failed to comply with the mandatory requirement of issuing an opportunity notice under Section 61(2) of the Foreign Exchange Regulation Act, 1973 before filing the criminal complaint. The Court further held that the prolonged delay in the prosecution violated the appellants' fundamental…