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Entity Violated FEMA by Investing in Subsidiaries Without RBI Approval; Penalty Imposed Lower Than Usual Amount.

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....Contravention of FEMA - Investment in three step-down subsidiaries through Wholly Owned Subsidiary (WOS) without the permission of the RBI - the Adjudicating Authority has taken a lenient view and has imposed penalty lessor than the proportionate penalty - Order confirmed.....

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