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        Indian Laws

        A federal agency filed a case against a Bengaluru-based credit...

        Company Faces Legal Action for Violating FDI Rules Under Foreign Exchange Management Act Sections

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                A federal agency filed a case against a Bengaluru-based credit payment app company for violating foreign direct investment (FDI) rules by receiving over Rs 913 crore without required government approvals. The company obtained FDI under the automatic route and issued convertible notes without prior government consent, contrary to the Foreign Exchange Management Act. Although the company declared its business as information technology services, its financial activities required FDI approval under the 100 percent approval route. The agency's investigation revealed the company received Rs 648 crore in FDI and issued convertible notes worth Rs 264 crore without the necessary government permissions, rendering it liable for legal proceedings under foreign exchange regulations.
                                Note: It is a system-generated summary and is for quick reference only.
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