Intimation under regulation 30 of SEBI (LODR) Regulations, 2015
PML · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Paul Merchants Ltd has won its appeal against a Rs. 24 lakh penalty that was originally imposed by the Enforcement Directorate, Chandigarh in December 2022 for alleged FEMA violations related to overseas student remittances processed by the company in 2017. The company's first appeal before the Special Director (Appeals)-FEMA had been rejected in July 2023. On April 3, 2025, the Hon'ble Appellate Tribunal for SAFEMA at New Delhi allowed the company's further appeal, setting aside the penalty entirely. No penalty was involved against any key managerial personnel or promoters. The matter was decided on merits by the Tribunal rather than through any settlement.
This is a positive outcome for Paul Merchants Ltd as the Rs. 24 lakh penalty stands fully quashed, removing a long-pending regulatory overhang. The ruling should be viewed favorably by shareholders and may support sentiment on the stock, though the financial impact is modest given the small penalty amount.