RBI imposes penalty on M/s Sun Corporate Services Pvt. Ltd. (Presently known as Mamata Group Corporate Services Pvt. Ltd.)
Case Brief
RBI imposed a monetary penalty on M/s Sun Corporate Services Pvt. Ltd. (presently known as M/s Mamata Group Corporate Services Pvt. Ltd.), based in Ahmedabad, Gujarat, under section 58-G of the RBI Act, 1934. The company was found to have violated RBI instructions by making overseas investment without obtaining the required No Objection Certificate and by seeking a change of name from the Registrar of Companies without prior RBI permission.
The Reserve Bank of India imposed a monetary penalty under section 58-G of the RBI Act, 1934. The company violated the Bank's instructions dated June 14, 2011 by making overseas investment without obtaining a No Objection Certificate from RBI, and also breached the circular dated January 13, 2000 by approaching the Registrar of Companies for a change of name without prior RBI permission.
Severity Assessment
The action is a monetary penalty of ₹5 lakh, which falls within the lowest monetary band, and there is no broader operational restriction.
The company must absorb the monetary penalty; the release does not describe any ongoing business restriction or operational ban. The violations relate to overseas investment approvals and compliance with RBI permission requirements for name change, but no forward-looking restriction beyond the fine is stated.
Published as M/s Sun Corporate Services Pvt. Ltd.
Published as M/s Mamata Group Corporate Services Pvt. Ltd.
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