Penalty

EU slaps Meta with 800 mn euro fine over 'abusive' Marketplace practices

European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call abusive practices involving its Marketplace online classified ads business. The European Commission, the 27-nation bloc's executive branch and top antitrust enforcer, issued the 797.72 million euro ($841 million) penalty after its long-running investigation found that the company abused its dominant position and engaged in anti-competitive behaviour. Brussels had accused Meta of distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace whether they want it or not" and shutting out competitors. It was also concerned that Meta was imposing unfair trading conditions with a terms of service that authorised the company to use ad-related data generated from competitors who advertise on Facebook or Instagram to benefit Marketplace. Meta said in a statement that the decision fails to .

Sebi considers process to seek waiver of interest on penalty payment

Markets regulator Sebi on Monday proposed a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty. Under the proposal, the regulator suggested that the applicant's requests for waiver/reduction should be submitted to the relevant Recovery Officer, with documentation supporting the fulfilment of three criteria from Section 220(2A) of the Income Tax Act, 1961. Section 220(2A) allows the waiver or reduction of this interest under specific conditions. The criteria include payment of such an amount causing genuine hardship to the applicant; default was due to circumstances beyond the applicant's control and the applicant has cooperated in any related inquiry. In its consultation paper, Sebi has suggested that applications are allowed only if the notice of demand has already been served and the principal amount due is fully paid. The Sebi's recovery officer will forward the application to the Competent Authority

CCI proposes changes to penalty recovery rules, seeks feedback by Dec 6

The Competition Commission of India (CCI) on Thursday proposed amendments to improve the efficiency and structure of its penalty recovery process. Inviting comments by December 6, the CCI said the proposed changes target procedural clarity and effectiveness in recovering penalties levied for violations of the Competition Act, 2002. "Based on the experience gained during implementation of these regulations over the years and to streamline the process of recovery, certain amendments are deemed fit to be incorporated in the said regulations. "Accordingly, such amendments are being proposed to the Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2011," CCI said in a release. The amendments are proposed after challenges encountered in implementing these rules over the years and aim to improve regulatory compliance and efficiency. The key aspects of the draft amendments, including procedures for issuing demand notices and recovery certificates, ...

GQG Partners to pay $500,000 penalty to settle US regulator SEC charges

The investment firm settles alleged violation of whistleblower norms through consent

Govt introduces strict EC guidelines for violations of battery waste rules

Failure to meet the targets can result in financial penalties, usually called EC, promoting more sustainable waste management and encouraging eco-friendly product design

RBI slaps penalties on Axis, HDFC Bank for non-compliance with directives

The RBI had conducted a statutory inspection of bank with reference to its financial position as of March 31, 2022, based on supervisory findings of non-compliance with the central bank's directions

Trai chief rules out any rethink on new service quality norms for users

Telecom regulator TRAI on Wednesday ruled out any rethink of new service quality norms that require telcos to compensate users for service outages and raise penalties for not meeting benchmarks. TRAI Chairman Anil Kumar Lahoti said that the norms have been issued after a thorough consultation and due consideration. "We have done very long thinking on this process, the norms have been issued after thorough consultation and due consideration and have been issued keeping in view quality of service that customer should be getting, and that service provider should provide," Lahoti said on sidelines of India SatCom 2024 organised by Broadband India Forum (BIF). The TRAI Chief was replying to a question on whether the regulator would rethink its new norms on service quality. Lahoti further said TRAI expects service providers to upgrade their infrastructure so that consumer gets the right quality of service. It is pertinent to mention that telecom operators will have to compensate subscri

Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms

The regulator cited violations of norms related to policyholders' interests, web aggregators, and insurance distributors

PSBs' Rs 8,500 crore penalties a burden on common man: Rahul Gandhi

Congress leader Rahul Gandhi criticised the Centre after data showed that 12 PSBs collected Rs 8,500 crore (approx) in penalties from customers for not maintaining average monthly balances in 5 years

RBI imposes a monetary penalty on three payment system operators

The RBI's action on KYC non-compliance comes as the regulator has been cautious about lapses in these procedures

RBI imposes a monetary penalty of Rs 1.32 crore on Punjab National Bank

The charges have been imposed after considering the oral submissions made in response to the show-cause notice sent by RBI to the bank

RBI imposes penalty on YES Bank for not exchanging mutilated notes

RBI imposed a monetary penalty of Rs 10,000

Australia to make supermarket industry code mandatory, fines for violation

The supermarkets will face fines of up to 10 per cent of annual turnover for breaches of the code

US court orders TCS to pay $194 million for trade secrets misappropriation

The case, filed by Computer Sciences Corporation (CSC) (now known as DXC Technology Company) against the company alleges misappropriation of its trade secrets

MCA fines Nadella, LinkedIn India, 8 others for violating SBO norms

Company law experts have noted that the company has the option to appeal against the RoC order at the office of the regional director, MCA, or high court

RBI imposes penalty on Sundaram Home Finance, Belstar Microfinance

The RBI stated that Sundaram Home Finance failed to conduct periodic updates of KYC for certain customers within the prescribed time frame

Cipla gets Rs 1.83 cr penalty for claiming inadmissible transitional credit

Pharma major Cipla Ltd on Friday said it has been imposed a penalty of Rs 1.83 crore by the GST authority for claiming inadmissible transitional credit on education cess. The company has received an order from the Principal Commissioner of CGST & Central Excise, Mumbai, Maharashtra imposing a penalty of Rs 1,83,17,388 under applicable provisions of the Central Goods and Services Tax Act, 2017 and Maharashtra Goods and Services Tax Act, 2017, Cipla said in a regulatory filing. "The order has been passed by the GST Authority on the contention that the company has claimed inadmissible transitional credit on education cess during the transition from excise regime to GST regime in FY 2017-18 and has ordered recovery of the same with penalty," it added. Cipla further said that based on an assessment of facts and prevailing law, it will file necessary appeals with the appellate authority in this regard. There is no material impact on the company's financials or operations due to the said

Delhi HC imposes Rs 1 lakh fine on Google for representing wrong facts

The High Court noted that Google's application was dismissed due to a lack of inventive steps. However, Google claimed that the application was abandoned before EPO

Income Tax department levies Rs 564 crore penalty on Bank of India

The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the order, it said. "The bank has received the order under Section 270A of the Income Tax Act, 1961 from the Income Tax Department, Assessment Unit pertaining to AY2018-19, wherein the penalty of Rs 564.44 crore has been imposed on various disallowances made," it said in a regulatory filing. Looking to the precedence/orders of appellate authorities, the bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter, it added. "Accordingly, the bank expects the entire demand to subside. As such, there is no impact on financial, operations or other activities of the bank," Bank of India said. Shares of Bank of India closed at Rs 137, up 3.79 per cent over previous close on the

Income Tax dept imposes Rs 103.63 crore penalty on Tata Chemicals

Income Tax Department has imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest. In a regulatory filing on Thursday, Tata Chemicals said it has received an order from National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 103.63 crore under Section 270A of the Income Tax Act for disallowance of interest under section 36(1)(iii) of the Act. Based on the merits of the matter, prevailing law and the advice of the counsel, Tata Chemicals said it is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities). The company said it reasonably expects favourable orders from the appellant authorities. Tata Chemicals is a Tata group company. Shares of Tata Chemicals settled 0.31 per cent higher at Rs 1,035.10 per cent on the BSE.