SAT reduces penalty on IIFL Commodities subsidiary to Rs 1.20 crore
IIFLCAPS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.5 pts more than Nifty Microcap 250 and 1.4 pts more than its Stockbroking & Allied peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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SAT Mumbai reduced the penalty on IIFL Commodities Limited, a wholly owned subsidiary, from about Rs 5.11 crore to Rs 1.20 crore (Rs 40 lakh per year for FY15, FY16, FY17). The original penalty from MCX committee was for false or incorrect reporting of margin amounts. The subsidiary had appealed and SAT partly allowed it, keeping the rest of the order unchanged. No major impact on the company beyond the penalty.
Positive for shareholders as penalty was significantly reduced from Rs 5.11 crore to Rs 1.20 crore. No major operational impact.