JSW Steel has paid a Rs 2.79 lakh penalty levied by the RBI on JISPL, which was amalgamated with JSW Steel in July 2023. The penalty was for delayed filing of a form related to share issuance to a foreign resident.
Photograph: Kind courtesy JSW Steel
New Delhi, Nov 28 (PTI) JSW Steel on Tuesday said it has paid about Rs 2.79 lakh that was levied as penalty by the Reserve Bank of India (RBI) on JSW Ispat Special Products Ltd (JISPL).
JISPL was amalgamated with effect from July 31, 2023 after an order of the National Company Law Tribunal dated June 22, 2023, JSW Steel said in a filing on Tuesday.
"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 said.
JSW Steel is among the top six steel manufacturing players in the country.
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