SAFEMA Tribunal reduces TMB penalty from Rs.17 cr to Rs.3.40 cr
TMB · price
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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.
Positive for shareholders - Bank to receive refund of around Rs.13.60 crore; lower final financial liability than originally imposed.