Compounding Fee Details
The company paid a compounding fee of ₹46,00,000 to the Reserve Bank of India on 29th May 2024. The payment was made via Manager's Cheque No. 499090 favoring "Reserve Bank of India".
Additional compounding fees were paid by:
- S.K. Somany: ₹4,60,000 (Cheque No. 499093)
- Arvind Somany: ₹4,60,000 (Cheque No. 499094)
These payments were made pursuant to compounding orders dated 22nd May 2024 passed in matters CA No. 6300/2023 (Soma Textiles), CA No. 6299/2023 (S.K. Somany), and CA No. 6298/2023 (Arvind Somany).
Disclosure Timeline
The RBI acknowledged receipt of the compounding fee payments on 30th May 2024. The company submitted the requisite intimation to the stock exchange within 24 hours of this acknowledgment and settlement of the matter.
Company Position
The company asserts that it has always made disclosures to stock exchanges regarding all material information affecting operations and performance, including those required under Regulation 30 of SEBI Listing Regulations, within stipulated timelines.
Financial Impact
The total compounding penalty amounted to ₹55,20,000 across the company and two promoters. The financial impact has been fully quantified and settled through the payment made on 29th May 2024.