The Calcutta High Court on 15 October 2026 rejected the Enforcement Directorate’s preliminary objection to four criminal appeals challenging penalties imposed under the former foreign-exchange law.
Judge / Bench — Justice Ananya Bandyopadhyay.
The Court held that invoking Section 35 of FEMA did not change the character of penal liabilities originating under FERA and preserved by statutory savings. It distinguished civil revenue appeals under FEMA and considered the treatment of connected challenges by the Delhi High Court. The ruling decides maintainability only: the underlying penalties were not set aside. The appeals were directed to be listed on 11 December 2026 for hearing on merits.
Advocates appearing — Appellants — Amitabh Shukla, Dipankar Aditya, Prakash Pandey, Aishwarya Priya Raha; respondent Enforcement Directorate — Vipul Kundalia, Uneaza Ali, Dhirodatto Chaudhuri, Debjani Roy, Advocates.