FINAL ORDER

19.06.2025

The present Appellant has filed the Appeal against the order no. JD/AG/01/HYZO/2020 dated 31.07.2020 of the Ld. Adjudicating Authority (Ld. AA) wherein it was held that M/s Peritus Corporation Private Limited (Respondent No. 1 herein) and Shri Mavuleti Ram Prasad Varma, Director of M/s Peritus Corporation Private Limited (PCLP) (Respondent no. 2), contravened Section 6 (3)(b) of FEMA , 1999 r/w Para 9(1)(B) of Schedule I to the Foreign Exchange Management (Transfer or Issue of security by a person resident outside India) Regulations, 2000. The Ld. AA imposed a penalty Rs. 1,00,000/- on each of the Respondents on the basis of discussions made in the impugned order which are not repeated for the sake of brevity.

2. The Ld. AA held that the evidence available on record suggest that Respondent No. 1 received foreign inward remittances equivalent to Rs. 5,00,09,003/-during the period between 13.01.2014 to 17.01.2014. It is seen that the said foreign inward remittances were reported within the stipulated time to RBI and also that the allotment of shares was also done within the stipulated timeline prescribed under FEMA . Upon allotment of shares to the foreign inve