The Enforcement Directorate has issued an order under FEMA imposing a penalty of Rs 14 lakh on CG-VAK Software & Exports and Rs 50,000 on the Managing Director & CEO of the company. The offence alleged in, are of technical nature and procedural delays in the matter of submitting certain information. Though, the company feels that it is not at fault, the company and the MD have decided to pay the penalty in order to buy peace with the department.
CG-VAK offers its OPD services to its global clients, which includes Independent Software Vendors (ISVs) and Product Development Companies, by working as a virtual extension of their software product design and product development centers.
