Nayara Energy (formerly known as Essar Oil) has approached the Bombay High Court against the Reserve Bank of India (RBI) governor, revenue department and the Enforcement Directorate (ED).
Essar has sought a stay on the RBI order dated April 2017 imposing compounded amounts (penalty). It also sought quashing of the summons for alleged breach of Foreign Exchange Management Act (FEMA) limits.
Nayara Energy, now part of the Russian energy giant Rosneft and Trafigura-United Capital Partners-led consortium, has approached the court under the writ of mandamus to get relief on the allegations of breaching the limit of Liberalised Remittance Scheme while issuing Global Depositary Shares (GDS).
Under LRS, residents of India are permitted to transfer funds abroad up to $250,000 in a financial year for permitted current or capital account transactions or for both. Read More
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