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| Exchange Received Time 16/02/2018 17:49:40 Exchange Disseminated Time 16/02/2018 17:49:45 Time Taken 00:00:05 | Please note that the Company had filed an application for compounding of contraventions under Foreign Exchange Management Act, 1999 on October 5, 2017 pertaining to the legacy issues of the Company for delay in filing of Annual Performance Report (APR) and writing off of investments in Applisoft Inc., USA (a wholly owned subsidiary) without the prior approval of the RBI.
RBI issued compounding order dated February 6, 2018 compounding the contraventions under Foreign Exchange (Compounding Proceedings) Rules, 2000 on payment of the adjudicated amount. Thereby, as per the Compounding Order, the Company has deposited the compounded amount of Rs. 33,02,218/- (Rupees Thirty Three Lakh Two Thousand Two Hundred and Eighteen only) with RBI on February 14, 2018.
Kindly take the same on record.
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