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Stock Report
Paul Merchants Ltd imposed penalty of Rs. 24 lakhs by Enforcement Directorate
Posted On : 2022-12-12 15:58:06( TIMEZONE : IST )
The Directorate of Enforcement, Ministry of Finance, Government of India vide its Order No. ADJ/CDZO-1/01/2022 dated 8th December, 2022 received by us today, 12th December, 2022 has imposed a Penalty of Rs. 24,00,000/- (Rupees Twenty Four Lakh Only) on the Company for contravention of provisions of Section 10(5) of Foreign Exchange Management Act (FEMA), 1999, read with Para 8 of Part B of RBI, Master Direction No. 07/2015-16 dated 01.01.2016 in connection with some transactions to the tune of Rs. 2,42,94,719/- (Rupees Two Crores Forty Two Lakhs Ninety Four Thousand Seven Hundred and Nineteen only) of overseas student remittances processed by the Company in the year 2017.
The Company is in the process of filing Appeal against the impugned order with the Special Director (Appeals), O/o of the Commissioner of Income Tax (Appeals) having his Office at Aayakar Bhawan, Lakshmi Nagar, Delhi and the details of any change in status, shall be intimated to the Exchange as and when the same happens.
The final implications for the Company in the matter will be known only after the outcome of the appeal, which the Company is in the process of filing with the Special Director (Appeals) O/o of the Commissioner of Income Tax (Appeals), having his Office at Aayakar Bhawan, Lakshmi Nagar, Delhi, because the same matter had already been adjudicated by the Reserve Bank of India on 26.11.2018, whereby after considering all the material on record and considering the steps taken by the Company, the RBI had only issued an advisory to the Company to be careful in future and had not imposed any penalty. As such, the financial implications for the Company shall be to the extent of the amount of penalty finally adjudicated upon by the Appellate Authorities.
Shares of Paul Merchants Ltd was last trading in BSE at Rs. 1332.10 as compared to the previous close of Rs. 1334.65. The total number of shares traded during the day was 783 in over 73 trades.
The stock hit an intraday high of Rs. 1360.00 and intraday low of 1294.00. The net turnover during the day was Rs. 1034635.00.
