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The Reserve Bank of India (RBI) has imposed, by an order dated August 16, 2022, a financial penalty of ₹1.00 lakh (Rupees one lakh solely) on M/s Swagatam Marketing Private Limited, Kolkata (the corporate) for contravention of/ non-compliance with the instructions issued by RBI to Non-Banking Financial Company (Non-Systemically Important, Non-Deposit taking) concerning Change in Management. This penalty has been imposed in train of powers vested in RBI beneath clause (b) of sub-part (1) of part 58G learn with clause (aa) of sub-part (5) of part 58B of the Reserve Bank of lndia Act, 1934, taking into consideration the failure of the corporate to stick to the aforesaid instructions issued by RBI. This motion is predicated on deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the corporate with its prospects. Background A reference was obtained from Department of Supervision, Kolkata concerning M/s Swagatam Marketing Private Limited, a Non-Systemically Important and Non-Deposit taking Non-Banking Financial Company, indicating that the corporate had modified its administration with out prior approval of Reserve Bank of India thereby failing to stick to the extant RBI instructions. Based on the identical, a Notice was issued to the corporate advising it to point out trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions. After contemplating the corporate’s reply and oral submissions made by it throughout Personal Hearing, RBI got here to the conclusion that the aforementioned cost of non-compliance with RBI instructions was substantiated and warranted imposition of financial penalty. (Yogesh Dayal) Press Release: 2022-2023/744 |
