India, May 22 -- The Reserve Bank of India has imposed a monetary penalty of Rs 1.80 lakh on AKG Infin Private Limited for non-compliance with regulatory directions related to the acquisition of shareholding or control.
According to the RBI, the company failed to obtain prior written approval from the central bank for a change in shareholding exceeding 26 per cent of its paid-up equity capital by new investors.
The penalty was imposed under the provisions of the RBI Act, 1934, following examination of the company's submissions and oral responses during the hearing process. The central bank clarified that the action pertains solely to regulatory compliance deficiencies and does not affect the validity of any transactions or agreements ente...