ED slaps Rs 80-cr fine on Magma HDI, Sanjay Chamria, Mayank Poddar
The Enforcement Directorate has slapped an aggregate penalty of Rs 80 crore on Magma HDI General Insurance, Sanjay Chamria, and Mayank Poddar for breach of provisions of the Foreign Exchange Management Regulations.
The action pertains to the matter concerning the capital raise in 2012 in Magma HDI and Poonawalla Fincorp (Erstwhile Magma Fincorp), according to the stock exchange.
Chamria and Poddar were directors of Magma HDI at that time. The split of the penalty amount is Rs 60 crore for Magma HDI, Rs 10 crore for Sanjay Chamria, and Rs 10 crore Mayank Poddar. The total amount of penalty of Rs 80 crore is to be deposited within 45 days from the date of receipt of this order.
Sanjay Chamria, in response to a query on the action, said: “The firm has filed detailed response on the matter in the exchanges when the order was received. It’s quite self-explanatory. I don’t have any further comments to offer.”
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