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Shriram Transport Finance Company (STFC) on Tuesday said a penalty of ₹5 crore has been imposed on the company through an Enforcement Directorate order in relation to an old case of issuing warrants.
The company said it had received a show cause notice from the ED in relation to issue of warrants by erstwhile Shriram Holdings (Madras) Pvt Ltd (SHMPL), which was amalgamated with STFC in April 2012, to a person resident outside India in 2006.
The company represented itself with relevant information and facts that it was of the bona fide view that it had not contravened any of the provisions of the Foreign Exchange Management Act (FEMA).
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