Rs42 crore penalty on 15 MNCs upheld

Rs42 crore penalty on 15 MNCs upheld
PTI
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First Published: Sat, Mar 03 2007. 12 43 AM IST
Updated: Sat, Mar 03 2007. 12 43 AM IST
New Delhi: As many as 15 multinational companies (MNCs) such as Nokia, Sony, Samsung and Ericsson have been found guilty of violating foreign exchange regulations and a penalty of more than Rs42 crore has been imposed on them, the Lok Sabha was informed on 2 March.
The Appellate Tribunal for Foreign Exchange (ATFE) has upheld adjudication orders involving penalties of Rs36.12 crore in appeals filed by 10 MNCs and employees of one MNC, minister of state for finance S.S. Palanimanickam said. Most companies have paid part of the fine.
Most of the companies have paid part of the fine and and are in the process of paying the remaining part.
Besides, there are five other entities which have been found involved in violation of FERA in similar matter, he said, adding the total penalty imposed on such companies was about Rs 7.6 crore.
These include Mitsubishi Corporation, LG Electronics and Daewoo Motors, he said.
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First Published: Sat, Mar 03 2007. 12 43 AM IST
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