RBI imposes Monetary Penalty on M/s Laxman Leafin Ltd
Case Brief
The Reserve Bank of India imposed a monetary penalty on M/s Laxman Leafin Ltd, Hyderabad, a registered non-banking financial company. The penalty was levied under section 58-G(1) read with section 58-B(5)(aa) of the RBI Act, 1934 for violating RBI directions on issuance of non-convertible debentures and on acceptance of public deposits. The release adds that the company redeemed all debentures by March 31, 2015.
RBI imposed a monetary penalty under section 58-G(1) read with section 58-B(5)(aa) of the RBI Act, 1934 for violation of the RBI's Issuance of Non-Convertible Debentures Directions, 2010 and Financial Companies Acceptance of Public Deposits Directions, as amended. The release also notes that the company redeemed all debentures by March 31, 2015.
Severity Assessment
The action is a monetary penalty of ₹2 lakh, which falls in the lowest monetary band (≤ ₹5 lakh) and carries no structural restriction.
The company must absorb the monetary penalty; no operational restriction is described in the release. The action concerns past compliance with RBI directions and does not indicate any continuing curbs on business activities.
Published as M/s Laxman Leafin Ltd
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