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The case focuses on the rise and fall of Ajit Kerkar, the former Chairman and Managing Director of Indian Hotels Co Ltd. The case briefly discusses the various allegations of Foreign Exchange Regulation Act violations levelled against Kerkar, which led to his downfall. It also mentions how the Tatas themselves had blown the whistle by providing the Reserve Bank India with all the documents pertaining to Kerkar''s violations. However, the Reserve Bank India did not pursue the matter any further and passed on the case to the Directorate of Revenue Intelligence (DRI). The DRI registered the case under Foreign Exchange Management Act, which had more liberal regulations than FERA. The new regulations did not seem to apply to the investigation. The case is intended for MBA/PGDBM level students as part of the business ethics curriculum. At the end of the discussion students are expected to give their opinion on Kerkar as well as the Tatas. They have to debate whether these two parties were justified in their respective actions. The students are also expected to form an opinion on the ethical issues concerning Kerkar''s various dealings.