After considering the company’s reply to the notice and oral submissions made by it during the personal hearing, RBI found that the company failed to take prior written permission of the RBI for change in management resulting in change of more than 30 per cent of its directors, excluding independent directors, warranting imposition of monetary penalty, the RBI said.
Author: Pradeep Jayan
Pradeep Jayan is a keen oberver of national and international affairs. He writes regulalry on pressing issues that concerns Indians from a global perspective.
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