Case Brief
What Happened
By an order dated February 27, 2026, RBI imposed a monetary penalty of Rs 3.10 lakh on Maanaveeya Development & Finance Private Limited. The action was taken because the company failed to obtain prior written permission from RBI before appointing a director, which resulted in a change in management through change in more than 30% of its directors, excluding independent directors. RBI said the penalty was imposed under section 58G(1)(b) read with section 58B(5)(aa) of the RBI Act, 1934, after issuing a show-cause notice and considering the company's reply and oral submissions.