Appellant made investment in three step down subsidiary without taking RBI’s approval; AA rightly imposed penalty

FEMA, BANKING & INSURANCE : Where appellant company had made investment in three step-down subsidiaries, without taking permission of RBI and thereby contravened section 6(3)(a) of Foreign Exchange Management Act, 1999, read with regulations 5, 6 and 13 of Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2000, Adjudicating Authority had rightly imposed penalty upon appellant

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