The Enforcement Directorate (ED) has fined a penalty of Rs 80 Crores on Magma HDI General Insurance, Sanjay Chamria, and Mayank Poddar due to violation of provisions of the Foreign Exchange Management Regulations.
- WhatsApp Tops List of Social Media Platforms Misused by Cyber Criminals: MHA Report
- No One Can Stop China’s Reunification: President Xi Jinping
- UPI Transactions Reach Record High in December 2024
- GST Collection Increases 7.3% to Rs 1.77 Lakh Crore in December
- Standard Glass Lining Technology IPO GMP Today, Listing Price, Lot Size & Key Dates
The penalty is related to the capital raise in 2012 in Magma HDI and Poonawalla Fincorp, as per the stock exchange. Sanjay Chamria and Mayank Poddar were Directors of Magma HDI at that time. The breakup of the penalty amount is Rs 60 Crores for Magma HDI, Rs 10 Crores for Sanjay Chamria, and Rs 10 Crores for Mayank Poddar. The total fine imposed is Rs 80 crore and needs to be deposited within 45 days from the date of receipt of this order.
