On Tuesday, JSW Steel announced that it had settled the approximately Rs 2.79 lakh fine imposed on JSW Ispat Special Products Ltd (JISPL) by the Reserve Bank of India (RBI). JSW Steel stated in a filing on Tuesday that JISPL was amalgamated with effect from July 31, 2023, following a ruling of the National Company Law Tribunal dated June 22, 2023.
‘A penalty of Rs 2,79,718 levied by the RBI vide its order dated November 22, 2023 on the erstwhile JISPL in response to a compounding application made by it for delayed filing of Form FC-GPR under Regulation 13.1(2) of FEMA Regulations 2017, in relation to issue of shares to a person resident outside India, was paid and discharged by JSW Steel today,’ it stated.
One of the top six producers of steel in the nation is JSW Steel.
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