Regulatory11 May 2026, 08:51 pm
Thomas Cook: Penalty Reduced to ₹39.96 Million
AI Summary
Thomas Cook (India) Ltd received an order from the Appellate Tribunal Under SAFEMA at New Delhi, partially allowing the company's appeal. The tribunal reduced the aggregate penalties from ₹61.6 million to ₹39.96 million, excluding the previously deposited amount of ₹12.3 million. The order pertains to violations under Section 10 (4) & 10 (5) and Section 3 (a) of the Foreign Exchange Management Act, 1999 (FEMA). The company is reviewing the order to determine the appropriate course of action.
Key Highlights
- Appellate Tribunal reduces Thomas Cook's penalties from ₹61.6M to ₹39.96M.
- The reduction excludes ₹12.3M already deposited by Thomas Cook.
- Order relates to FEMA violations: Section 10 (4) & 10 (5) and Section 3 (a).
- Thomas Cook is reviewing the order for further action.
- Company states no material impact on financials or operations.