Announced Thu, 16 Jul · 19:33 IST
SAFEMA Tribunal reduces TMB penalty from Rs.17 cr to Rs.3.40 cr
Regulatory & Legal View source PDF
TMB · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
+0.3%1-day move
₹799.50
prior close
₹804.80
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-1.3-1.7-1.6-1.7+0.3+2.1+1.3+0.2+0.8—————
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AI summary
Tamilnad Mercantile Bank won partial relief in its appeal before the Appellate Tribunal under SAFEMA, New Delhi. The Tribunal reduced the penalty on the Bank from Rs.17 crore to Rs.3.40 crore in a FEMA-related case concerning share transfer recording. The Bank had already deposited Rs.17 crore at the time of appeal, so Rs.13.60 crore is now refundable. Penalties on then Directors and Company Secretaries were also reduced substantially.
Likely market impact
Positive for shareholders - Bank to receive refund of around Rs.13.60 crore; lower final financial liability than originally imposed.