Last checked at 28 Jul 2023 12:48
July 28, 2023
London Stock Exchange plc.
10 Paternoster Square
London
EC4M 7LS
Subject: Update
Ref. : Stock (Dish TV India) - GDR-MIC - XLOM
Dear Sir / Ma'am,
This is to inform you that the Company had filed a compounding application with the Reserve Bank of India relating to the contravention of provisions of Regulation 15 of Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004, in relation to delayed/non-repatriation of dues in the form of loan and interest receivable from its overseas joint venture viz. Dish T V Lanka (Private) Limited.
In this regard, the Reserve Bank of India vide order dated July 27, 2023, bearing CA No. 6030/2022 (received over the email on the evening of July 27, 2023) has agreed to compound the contravention upon payment of Rs. 50,14,407/- (Rupees Fifty Lacs Fourteen Thousand Four Hundred and Seven Only) by the Company. The Company will deposit said amount with the Reserve Bank of India within the prescribed timeline.
There is no impact on financial, operation or other activities of the Company other than the penalty amount payable.
You are requested to kindly take the above on record.
Thanking You,
Yours truly,
For Dish TV India Limited
Ranjit Singh
Company Secretary & Compliance Officer
Membership No.: A15442