Supreme Court Flags Excess Records as Cause of Delays in Corruption Case Prosecutions  ||  Supreme Court: Outgoing Partner’s Share Valued on Assessment Date, Not Dissolution Date  ||  Supreme Court Acquits Two Murder Convicts, Finds Prosecution Story Suspicious  ||  SC Restores SEBI Fraud Proceedings against Vedanta over 2014 Share Buyback  ||  CCI Rejects Kerala Private Bus Operators’ Challenge to Free KSRTC Travel for Women  ||  Chhattisgarh HC: Sharia Body can't Decide Muslim Woman's Marital Status or End Marriage  ||  MP High Court: Adult Woman Can Become Jain Saadhvi Despite Parents’ Opposition  ||  MP High Court Quashes 70%-80%-90% Pay Rule for Class III, IV Staff during Probation  ||  SC: Pre-2015 NH Act Awards Must Follow 1894 Act for Solatium and Interest  ||  SC: Service Rendered Before Regularization Must Be Counted for Pension Benefits    

RBI imposes monetary penalty on Amrit Malwa Capital Limited, Jalandhar, Punjab- (Reserve Bank of India) (28 Sep 2021)

MANU/RPRL/0150/2021

Banking

The Reserve Bank of India (RBI) has, by an order dated September 28, 2021, imposed a monetary penalty of Rs.10 lakh (Rupees Ten Lakh only) on Amrit Malwa Capital Limited, Jalandhar, Punjab (the company), for non-compliance with certain provisions of the 'Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016'. The penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934 taking into account the failure of the company to adhere to the aforesaid RBI directions.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

Background

The statutory inspection of Amrit Malwa Capital Limited, with reference to its financial position as on March 31, 2019 and March 31, 2020 and the Inspection Reports pertaining thereto revealed, non-compliance with the statutory directions, including, inter alia, the company's failure to submit to RBI, certain quarterly and half yearly returns on time. In furtherance to the same, a notice was issued to the company advising it to show cause why penalty should not be imposed on it for failure to comply with the directions issued by RBI.

After considering the company's reply to the notice and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

Tags : PENALTY   IMPOSITION   COMPANY  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved