JSW Steel settles a Rs 2.79 lakh fine assessed against JISPL.
The Economics Times
India
30-11-2023
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On Tuesday, JSW Steel announced that it had settled the approximately Rs 2.79 lakh fine imposed on JSW Ispat Special Products Ltd (JISPL) by the Reserve Bank of India (RBI). JSW Steel stated in a filing on Tuesday that JISPL was amalgamated with effect from July 31, 2023, following a ruling of the National Company Law Tribunal dated June 22, 2023.
"JSW Steel said today that it had paid and discharged a penalty of Rs 2,79,718 that the RBI had imposed via its order dated November 22, 2023 on the former JISPL in response to a compounding application it had made for delayed filing of Form FC-GPR under Regulation 13.1(2) of FEMA Regulations 2017, in relation to the issue of shares to a person resident outside India."