The Reserve Bank of India (the Bank), has imposed a monetary penalty of ₹ 5 lakh (Rupees Five lakh only) on M/s Sun Corporate Services Pvt. Ltd. (presently known as M/s Mamata Group Corporate Services Pvt. Ltd.), having its registered office at 53, Madhuban, Near Madalpur Underbridge, Ellisbridge, Ahmedabad–380006, Gujarat, in exercise of the powers vested in it under the provisions of section 58-G of the Reserve Bank of India Act, 1934, for violation of the instructions contained in the Notification dated June 14, 2011 issued by the Bank for making overseas investment without obtaining No Objection Certificate from the Bank, and for not seeking prior permission of the Bank before approaching the Registrar of Companies for change of name as per the instructions contained in the circular dated January 13, 2000, issued by the Bank.

Ajit Prasad
Assistant Adviser

Press Release: 2015-2016/2373