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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.
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.
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