In continuation of letters dated April 15, 2019, March 10, 2020, June 12, 2020, July 02, 2020 and November 03, 2020 with regard to the order No. SDE/SRO/CEZOI/02/2020 (SK) dated March 04, 2020 passed by the Special Directorate of Enforcement (ED) against the Company in the capacity of successor in interest of erstwhile Shriram Holding (Madras) Private Limited (since merged into the Company in the year 2012), with regard to issue of warrants by erstwhile Shriram Holdings (Madras) Private Limited to a person resident outside India, with respect to alleged contravention of Foreign Exchange Management Act, 1999 (FEMA) and the regulations made thereunder, Shriram Finance has informed that the Company’s Writ Petition No. 8351/2020 challenging the said order of ED has been allowed by the Hon’ble Madras High Court vide its order dated July 27, 2023. The Hon’ble Madras High Court vide order dated July 27, 2023 has set aside the impugned order dated March 04, 2020 passed by the ED for levying penalty of Rs 5 crore on the Company and certain directors of erstwhile SHMPL.
The above information is a part of company’s filings submitted to BSE.
