NCLAT: Can’t Dismiss Restoration App. if Filed in 30 Days from Date of Dismissal of Original App.  ||  Delhi HC: Communication between Parties through Whatsapp Constitute Valid Agreement  ||  Delhi HC Seeks Response from Govt. Over Penalties on Petrol Pumps Supplying Fuel to Old Vehicles  ||  Centre Notifies "Unified Waqf Management, Empowerment, Efficiency and Development Rules, 2025"  ||  Del. HC: Can’t Reject TM Owner’s Claim Merely because Defendant Could have Sought Removal of Mark  ||  Bombay HC: Cannot Treat Sole Director of OPC, Parallelly with Separate Legal Entity  ||  Delhi HC: Can Apply 'Family of Marks' Concept to Injunct Specific Marks  ||  HP HC: Can’t Set Aside Ex-Parte Decree for Mere Irregularity  ||  Cal. HC: Order by HC Bench Not Conferred With Determination by Roster is Void  ||  Calcutta HC: Purchase Order Including Arbitration Agreement to Prevail Over Tax Invoice Lacking it    

Reserve Bank of India imposes Monetary Penalty on Mynd Solutions Private Limited- (Reserve Bank of India) (29 Dec 2022)

MANU/RPRL/0624/2022

Banking

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). 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 entity with its customers.

Background

It was observed that non-promoter shareholding in the entity had exceeded the ceiling of 10% prescribed for TReDS operators. Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the entity's responses and oral submissions made during the personal hearing, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

Tags : PENALTY   IMPOSITION   NON-COMPLIANCE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved