Apache Footwear India Private Limited

In the RESERVE BANK OF INDIA Foreign Exchange Department Secretariat Road Saifabad, Hyderabad 500 004 Present Shri. Subrata Das Regional Director (Andhra Pradesh and Telangana) and Chief General Manager (Hyderabad) Date: October 25, 2018 C.A. HYD 317 In the matter of M/s. Apache Footwear India Private Limited Mambattu Village, Tada Mandal Nellore District Andhra Pradesh – 524 401 (Applicant) In exercise of the powers conferred under Section 15 (1) of Foreign Exchange Management Act, 1999 and the Regulations/ Rules/ Notifications/ Orders made there under, I pass the following Order The applicant has filed the compounding application dated June 06, 2018 received on June 13, 2018 for compounding of contraventions of the provisions of the Foreign Exchange Management Act, 1999 (the FEMA) and the regulations issued thereunder. The contraventions sought to be compounded are (i) delay in reporting receipt of foreign inward remittances; (ii) delay in submission of Form FC-GPR to Reserve Bank of India after issue of shares towards subscription to equity and (iii) delay in allotment of shares to the non-resident investor and delay in receipt of share application money after allotment of shares in terms of Paragraph 9(1)(A),

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 Paragraph 9(1)(B) and Paragraph 8 respectively of Schedule 1 to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB dated May 03, 2000 (hereinafter referred to as Notification No. FEMA 20/2000-RB) as then applicable. 2. The relevant facts of the case are as follows: a) The applicant is a resident company incorporated as Private Limited Company under the Companies Act, 1956 on 20.02.2006 (CIN: U19202AP2006PTC049219). The company is engaged in the business of manufacturing footwear. b) The applicant had received foreign inward remittances from single foreign investor towards advance for subscription to equity shares as indicated below.

Sl Name of the Total Amount Date of Date of No Remitter (INR) Receipt Reporting 1 Apache Investment 1000000 12.04.2006 22.09.2008 Holding Pte Ltd. 2 Apache Investment 4492400 19.04.2006 22.09.2008 Holding Pte Ltd. 3 Apache Investment 41195430 13.06.2006 13.07.2006 Holding Pte Ltd. 4 Apache Investment 23275000 21.07.2006 29.11.2006 Holding Pte Ltd. 5 Apache Investment 6925950 10.08.2006 13.11.2006 Holding Pte Ltd. 6 Apache Investment 20814255 18.08.2006 13.11.2006 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 7 Apache Investment 6901050 13.09.2006 29.11.2006 Holding Pte Ltd. 8 Apache Investment 22822000 21.09.2006 29.11.2006 Holding Pte Ltd. 9 Apache Investment 18154400 06.10.2006 29.11.2006 Holding Pte Ltd. 10 Apache Investment 6824550 09.10.2006 29.11.2006 Holding Pte Ltd. 11 Apache Investment 27041700 20.10.2006 29.11.2006 Holding Pte Ltd. 12 Apache Investment 5336760 08.11.2006 29.11.2006 Holding Pte Ltd. 13 Apache Investment 2235000 17.11.2006 22.09.2008 Holding Pte Ltd. 14 Apache Investment 17880000 22.11.2006 22.09.2008 Holding Pte Ltd. 15 Apache Investment 30843000 29.11.2006 22.09.2008 Holding Pte Ltd. 16 Apache Investment 44649827.20 11.12.2006 22.09.2008 Holding Pte Ltd. 17 Apache Investment 5337548.30 21.12.2006 22.09.2008 Holding Pte Ltd. 18 Apache Investment 8869829 21.12.2006 22.09.2008 Holding Pte Ltd. 19 Apache Investment 11087329 22.12.2006 22.09.2008 Holding Pte Ltd. 20 Apache Investment 4421729.76 09.01.2007 22.09.2008 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 21 Apache Investment 13289829 18.01.2007 22.09.2008 Holding Pte Ltd. 22 Apache Investment 6644829 24.01.2007 22.09.2008 Holding Pte Ltd. 23 Apache Investment 5315432 29.01.2007 22.09.2008 Holding Pte Ltd. 24 Apache Investment 15061432 31.01.2007 20.06.2007 Holding Pte Ltd. 25 Apache Investment 4404435 03.02.2007 20.06.2007 Holding Pte Ltd. 26 Apache Investment 2193237.07 03.02.2007 20.06.2007 Holding Pte Ltd. 27 Apache Investment 20482685 07.02.2007 20.06.2007 Holding Pte Ltd. 28 Apache Investment 21143435 12.02.2007 20.06.2007 Holding Pte Ltd. 29 Apache Investment 41406435 15.02.2007 20.06.2007 Holding Pte Ltd. 30 Apache Investment 6606935 09.03.2007 20.06.2007 Holding Pte Ltd. 31 Apache Investment 4404436 09.03.2007 20.06.2007 Holding Pte Ltd. 32 Apache Investment 13214435.72 09.03.2007 13.09.2007 Holding Pte Ltd. 33 Apache Investment 12333435 20.03.2007 20.06.2007 Holding Pte Ltd. 34 Apache Investment 2862685 29.03.2007 20.06.2007 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 35 Apache Investment 8148685 29.03.2007 20.06.2007 Holding Pte Ltd. 36 Apache Investment 21724443 04.04.2007 20.06.2007 Holding Pte Ltd. 37 Apache Investment 14337943 12.04.2007 20.06.2007 Holding Pte Ltd. 38 Apache Investment 2171943 16.04.2007 20.06.2007 Holding Pte Ltd. 39 Apache Investment 13468943 19.04.2007 20.06.2007 Holding Pte Ltd. 40 Apache Investment 20846754 27.04.2007 20.06.2007 Holding Pte Ltd. 41 Apache Investment 4195000 09.05.2007 20.06.2007 Holding Pte Ltd. 42 Apache Investment 25170000 15.05.2007 20.06.2007 Holding Pte Ltd. 43 Apache Investment 12585000 23.05.2007 20.06.2007 Holding Pte Ltd. 44 Apache Investment 6135000 04.06.2007 13.09.2007 Holding Pte Ltd. 45 Apache Investment 14315000 06.06.2007 13.09.2007 Holding Pte Ltd. 46 Apache Investment 12270000 13.06.2007 13.09.2007 Holding Pte Ltd. 47 Apache Investment 12270000 15.06.2007 13.09.2007 Holding Pte Ltd. 48 Apache Investment 12270000 20.06.2007 13.09.2007 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 49 Apache Investment 12270000 28.06.2007 13.09.2007 Holding Pte Ltd. 50 Apache Investment 4105000 05.07.2007 13.09.2007 Holding Pte Ltd. 51 Apache Investment 10262500 06.07.2007 13.09.2007 Holding Pte Ltd. 52 Apache Investment 19925000 12.07.2007 31.07.2008 Holding Pte Ltd. 53 Apache Investment 13035000 13.07.2007 31.07.2008 Holding Pte Ltd. 54 Apache Investment 8209474.15 20.07.2007 13.09.2007 Holding Pte Ltd. 55 Apache Investment 10862152.40 23.07.2007 31.07.2008 Holding Pte Ltd. 56 Apache Investment 6157500 26.07.2007 13.09.2007 Holding Pte Ltd. 57 Apache Investment 8093000 30.07.2007 31.07.2008 Holding Pte Ltd. 58 Apache Investment 4046344.82 30.07.2007 31.07.2008 Holding Pte Ltd. 59 Apache Investment 16220000 07.08.2007 13.09.2007 Holding Pte Ltd. 60 Apache Investment 6082500 14.08.2007 31.07.2008 Holding Pte Ltd. 61 Apache Investment 14192500 21.08.2007 13.09.2007 Holding Pte Ltd. 62 Apache Investment 14565760 24.08.2007 31.07.2008 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 63 Apache Investment 19464000 27.08.2007 13.09.2007 Holding Pte Ltd. 64 Apache Investment 9165500 26.11.2007 31.07.2008 Holding Pte Ltd. 65 Apache Investment 13947500 30.11.2007 31.07.2008 Holding Pte Ltd. 66 Apache Investment 19924681.20 06.12.2007 31.07.2008 Holding Pte Ltd. 67 Apache Investment 13947500 18.12.2007 31.07.2008 Holding Pte Ltd. 68 Apache Investment 11910000 23.01.2008 31.07.2008 Holding Pte Ltd. 69 Apache Investment 71750310 20.01.2009 11.10.2010 Holding Pte Ltd. 70 Apache Investment 49580000 12.05.2009 27.02.2012 Holding Pte Ltd. 71 Apache Investment 23890000 20.05.2009 27.02.2012 Holding Pte Ltd. 72 Apache Investment 24197500 31.07.2009 27.02.2012 Holding Pte Ltd. 73 Apache Investment 24035000 31.07.2009 27.02.2012 Holding Pte Ltd. 74 Apache Investment 21284900 18.12.2009 21.06.2010 Holding Pte Ltd. 75 Apache Investment 22725000 12.01.2010 13.07.2010 Holding Pte Ltd. 76 Apache Investment 22749636 25.03.2010 12.10.2011 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 77 Apache Investment 22235000 20.04.2010 12.10.2011 Holding Pte Ltd. 78 Apache Investment 8979640.80 13.05.2010 12.10.2011 Holding Pte Ltd. 79 Apache Investment 9343626.24 06.07.2010 12.10.2011 Holding Pte Ltd. 80 Apache Investment 9179632.80 06.08.2010 12.10.2011 Holding Pte Ltd. 81 Apache Investment 27959627.20 08.09.2010 12.10.2011 Holding Pte Ltd. 82 Apache Investment 46250000 16.09.2010 29.10.2010 Holding Pte Ltd. 83 Apache Investment 45680000 21.09.2010 29.10.2010 Holding Pte Ltd. 84 Apache Investment 45100000 28.09.2010 29.10.2010 Holding Pte Ltd. 85 Apache Investment 44242500 06.10.2010 29.10.2010 Holding Pte Ltd. 86 Apache Investment 44400000 19.10.2010 27.01.2011 Holding Pte Ltd. 87 Apache Investment 11049646.40 03.11.2010 12.10.2011 Holding Pte Ltd. 88 Apache Investment 45070000 15.11.2010 05.01.2011 Holding Pte Ltd. 89 Apache Investment 45070000 10.12.2010 05.01.2011 Holding Pte Ltd. 90 Apache Investment 45130000 29.12.2010 27.01.2011 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 91 Apache Investment 45500000 20.01.2011 24.03.2011 Holding Pte Ltd. 92 Apache Investment 45720000 01.02.2011 24.03.2011 Holding Pte Ltd. 93 Apache Investment 44195000 21.04.2011 09.05.2011 Holding Pte Ltd. 94 Apache Investment 89399642.40 19.05.2011 22.07.2011 Holding Pte Ltd. 95 Apache Investment 44770000 23.05.2011 22.07.2011 Holding Pte Ltd. 96 Apache Investment 44769641.84 23.05.2011 22.07.2011 Holding Pte Ltd. 97 Apache Investment 66990000 31.05.2011 22.07.2011 Holding Pte Ltd. 98 Apache Investment 30961000 30.06.2011 12.10.2011 Holding Pte Ltd. 99 Apache Investment 44340000 14.07.2011 12.10.2011 Holding Pte Ltd. 100 Apache Investment 44760000 08.08.2011 12.10.2011 Holding Pte Ltd. 101 Apache Investment 45150000 12.08.2011 05.03.2012 Holding Pte Ltd. 102 Apache Investment 46630000 12.09.2011 27.10.2011 Holding Pte Ltd. 103 Apache Investment 8558619.60 19.09.2011 12.10.2011 Holding Pte Ltd. 104 Apache Investment 48509611.92 22.09.2011 12.10.2011 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 105 Apache Investment 48650000 13.10.2011 10.11.2011 Holding Pte Ltd. 106 Apache Investment 49199606.40 02.11.2011 25.11.2011 Holding Pte Ltd. 107 Apache Investment 60648000 17.11.2011 15.12.2011 Holding Pte Ltd. 108 Apache Investment 47070000 25.11.2011 15.12.2011 Holding Pte Ltd. 109 Apache Investment 41279587.20 11.01.2012 27.01.2012 Holding Pte Ltd. 110 Apache Investment 49200000 22.02.2012 13.03.2012 Holding Pte Ltd. 111 Apache Investment 49890000 06.03.2012 28.03.2012 Holding Pte Ltd. 112 Apache Investment 50070000 19.03.2012 18.04.2012 Holding Pte Ltd. 113 Apache Investment 50850000 30.03.2012 18.04.2012 Holding Pte Ltd. 114 Apache Investment 26200000 30.04.2012 22.05.2012 Holding Pte Ltd. 115 Apache Investment 298307.58 03.05.2012 20.07.2012 Holding Pte Ltd. 116 Apache Investment 39780000 03.05.2012 02.06.2012 Holding Pte Ltd. 117 Apache Investment 109800000 22.05.2012 08.06.2012 Holding Pte Ltd. 118 Apache Investment 56135000 29.06.2012 30.08.2012 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 119 Apache Investment 55080000 23.08.2012 05.09.2012 Holding Pte Ltd. 120 Apache Investment 32580000 09.11.2012 23.11.2012 Holding Pte Ltd. 121 Apache Investment 54630000 20.12.2012 31.01.2013 Holding Pte Ltd. 122 Apache Investment 54740000 07.01.2013 23.01.2013 Holding Pte Ltd. 123 Apache Investment 53820000 21.03.2013 02.04.2013 Holding Pte Ltd. 124 Apache Investment 59100000 16.07.2013 24.07.2013 Holding Pte Ltd. 125 Apache Investment 64000000 26.08.2013 04.09.2013 Holding Pte Ltd. 126 Apache Investment 61250000 24.10.2013 04.11.2013 Holding Pte Ltd. 127 Apache Investment 60950000 13.03.2014 21.03.2014 Holding Pte Ltd. 128 Apache Investment 61110000 20.03.2014 11.04.2014 Holding Pte Ltd. 129 Apache Investment 60020000 27.03.2014 03.04.2014 Holding Pte Ltd. 130 Apache Investment 60580000 21.08.2014 30.08.2014 Holding Pte Ltd. 131 Apache Investment 30275000 02.09.2014 22.09.2014 Holding Pte Ltd. 132 Apache Investment 91860000 07.10.2014 14.10.2014 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 133 Apache Investment 61750000 24.11.2014 01.12.2014 Holding Pte Ltd. 134 Apache Investment 133180000 30.11.2015 07.04.2016 Holding Pte Ltd. 135 Apache Investment 135200000 22.01.2016 07.04.2016 Holding Pte Ltd. 136 Apache Investment 137040000 22.02.2016 07.04.2016 Holding Pte Ltd. 137 Apache Investment 133300000 28.03.2016 07.04.2016 Holding Pte Ltd. Total 433,54,57,094

The applicant received the foreign inward remittances amounting to `4,33,54,57,094/- as indicated above out of which remittances amounting to `2,44,39,25,478.88 were reported to Reserve Bank of India with delays ranging from 1 day to 2 years 8 months 16 days approximately beyond the prescribed period of 30 days. Whereas in terms of Paragraph 9(1)(A) of Schedule 1 to Notification No. FEMA 20/2000-RB, an Indian company issuing shares or convertible debentures in accordance with these Regulations should report to the Reserve Bank of India as per the prescribed procedure not later than 30 days from the date of receipt of the amount of consideration. c) The company allotted shares and filed form FC-GPRs as indicated below:

Sl Name of the Date of Number of Amount for Date of No investor allotment shares/CC which shares reporting of shares PS allotted allotted (INR) 1 Apache Investment 01.03.2007 49999 499990 13.02.2009 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 2 Hong Kong Apache 01.03.2007 1 10 13.02.2009 Footwear Limited 3 Apache Investment 29.09.2008 17911250 895562500 13.02.2009 Holding Pte Ltd. 4 Apache Investment 31.03.2009 1663650 71748500 24.09.2010 Holding Pte Ltd. 5 Apache Investment 10.11.2009 2434000 121700000 21.02.2012 Holding Pte Ltd. 6 Apache Investment 31.05.2010 1959400 97970000 12.10.2011 Holding Pte Ltd. 7 Apache Investment 03.01.2011 8369500 418475000 12.10.2011 Holding Pte Ltd. 8 Apache Investment 14.07.2011 9132900 456645000 10.11.2011 Holding Pte Ltd. 9 Apache Investment 31.01.2012 1798200 89910000 23.02.2012 Holding Pte Ltd. 10 Apache Investment 08.03.2012 8763600 350544000 07.04.2012 Holding Pte Ltd. 11 Apache Investment 17.08.2012 10798125 431925000 13.09.2012 Holding Pte Ltd. 12 Apache Investment 18.02.2013 7114500 142290000 20.03.2013 Holding Pte Ltd. 13 Apache Investment 15.06.2013 5428000 108560000 14.07.2013 Holding Pte Ltd. 14 Apache Investment 15.12.2013 9217500 184350000 18.01.2014 Holding Pte Ltd. 15 Apache Investment 23.06.2014 9104000 182080000 17.07.2014 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 16 Apache Investment 09.02.2015 12223250 244465000 03.03.2015 Holding Pte Ltd. 17 Apache Investment 17.05.2016 13468000 538720000 29.05.2016 Holding Pte Ltd. Total 119435875 4,33,54,45,000

The applicant filed form FCGPRs for issue of shares amounting to `4,33,54,45,000/- as indicated above out of which shares amounting to `2,24,69,51,000/- were reported with delays ranging from 4 days to 2 years 2 months 11 days approximately beyond the stipulated period of 30 days. Whereas in terms of Paragraph 9(1)(B) of Schedule 1 to Notification no. FEMA 20/2000-RB, an Indian company issuing shares in accordance with these Regulations has to submit to Reserve Bank of India a report in form FCGPR along with documents prescribed therein within 30 days from the date of issue of shares to person resident outside India. e. The applicant has delayed in allotment of shares amounting to ` 11,86,53,307.44 to the foreign investor beyond the stipulated period of 180 days from the date of receipt of remittances. Period of contravention ranges from 1 day to 4 months 1 day approximately. Sl Name of the Total Amount Date of receipt Date of No Remitter (INR) of remittance allotment 1 Apache Investment 13947500 30.11.2007 29.09.2008 Holding Pte Ltd. 2 Apache Investment 19924681.20 06.12.2007 29.09.2008 Holding Pte Ltd. 3 Apache Investment 13947500 18.12.2007 29.09.2008 Holding Pte Ltd.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 4 Apache Investment 11910000 23.01.2008 29.09.2008 Holding Pte Ltd. 5 Apache Investment 49580000 12.05.2009 10.11.2009 Holding Pte Ltd. 6 Apache Investment 9343626.24 06.07.2010 03.01.2011 Holding Pte Ltd. Total 118653307.44 f. The applicant has also delayed in receiving inward remittance of ` 2,98,307.58 after allotment of shares with a delay of 3 years 7 months 4 days approximately as shown below: Sl Name of the Total Amount Date of receipt Date of No Remitter (INR) of remittance allotment 1 Apache Investment 298307.58 03.05.2012 29.09.2008 Holding Pte Ltd. Total 298307.58 Whereas in terms of Paragraph 8 of Schedule 1 to Notification No.FEMA 20/2000-RB read with A.P (DIR Series) Circular No. 20 dated December 14, 2007, if the shares are not issued within 180 days from the date of receipt of the inward remittance, the amount of consideration so received shall be refunded to the person concerned, provided the Reserve Bank may on an application made to it and for sufficient reasons permit to refund the amount of consideration received towards issue of security, if such amount is outstanding beyond a period of 180 days from the date of receipt. The amendment in Paragraph 8 of Schedule 1 to Notification No. FEMA 20/20000-RB was introduced by issue of Foreign Exchange Management (Transfer or Issue of Security by a Person outside India) (Third Amendment

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 Regulation, 2007 notified, vide Notification No. FEMA 170/2007-RB dated 13th November, 2007 in the official Gazette of the Govt. of India. 3. (a) The applicant was given an opportunity for personal hearing vide Reserve Bank’s letter No. HY.FE.FID/702/14.66.003/2018-19 dated October 11, 2018 for further submission in person and/or producing documents, if any, in support of the application. (b) The applicant appeared for personal hearing on October 15, 2018 during which Shri. V P Kuriachan, Chartered Accountant represented the applicant. The authorized representative of the company admitted the contraventions for which the compounding has been sought. During the personal hearing it was submitted that the delay was not wilful or with a malafide intention but was on account of lack of professional guidance on the compliance matters during their initial stages. In view of the foregoing, the representative of the applicant requested to take a lenient view in disposal of the application. The application for compounding is, therefore, being considered on the basis of the averments made in the application as well the submissions made in this context by the applicant during the personal hearing. 4. I have given my careful consideration to the documents on record. Accordingly, I hold that the applicant has contravened the following FEMA provisions issued in terms of:- (a) Paragraph 9(1)(A) of Schedule 1 to Notification No. FEMA 20/2000-RB for delay in reporting the receipt of consideration towards issue of shares amounting to `2,44,39,25,478.88 and the delay ranges from 1 day to 2 years 8 months 16 days approximately. (b) Paragraph 9(1)(B) of Schedule 1 to Notification No. 20/2000-RB for delay in submission of Form FC-GPR to Reserve Bank of India after issue of shares to persons resident outside India and the contravention relates to an amount of `

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 2,24,69,51,000/- and the period of contravention ranges from 4 days to 2 years 2 months 11 days approximately. (c) Paragraph 8 of Schedule 1 to Notification No.20/2000-RB read with A.P (DIR Series) Circular No. 20 dated December 14, 2007 for delay in allotment of shares amounting to `11,86,53,307.44 to the foreign investor with delays ranging from 1 day to 4 months 1 day approximately and for delay in receipt of share application money of `2,98,307.58 after allotment of shares with a delay of 3 years 7 months 4 days approximately. 5. It has been declared in the compounding application dated June 06, 2018 that the particulars given by the applicant in the application are true and correct to the best of their knowledge and belief. It has been declared in the declaration dated June 06, 2018 furnished with the compounding application that the applicant was under investigation of Directorate of Enforcement (DoE) for delay in submission of export bills as on the date of the application. The same was informed to us by DoE vide their letter dated January 03, 2018 and requested us to forward a copy of the Compounding Order if passed. Accordingly, the above contraventions which are being compounded in this Order are subject to the veracity of the above declarations made by the applicant and this order is without prejudice to any other action which may be taken by any authority under the extant laws if the said declarations are subsequently discovered to be false and/or incorrect. 6. In terms of Section 13 of the FEMA, any person contravening any provision of the Act shall be liable to a penalty up to thrice the sum involved in such contravention upon adjudication. However, taking into account the relevant facts and circumstances of the case as stated in the foregoing paragraphs, I am persuaded to take a lenient view on the amount for which the contravention is to be compounded and I consider that an amount of ` 32,30,802/- (Rupees Thirty Two Lakh Thirty Thousand Eight Hundred Two Only) will meet the ends of justice.

Compounding of contraventions under FEMA 1999 M/s Apache Footwear India Private Limited CA No. HYD 317 7. Accordingly, I compound the admitted contraventions, namely, the contraventions of Paragraph 9(1)(A), Paragraph 9(1)(B) and Paragraph 8 of Schedule 1 to Notification No. FEMA-20/2000-RB by the applicant on the facts discussed above in terms of the Foreign Exchange (Compounding Proceedings) Rules, 2000 on payment of an amount of ` 32,30,802/- (Rupees Thirty Two Lakh Thirty Thousand Eight Hundred Two Only) which shall be deposited by the applicant with the Reserve Bank of India, Foreign Exchange Department, 1st Floor, Saifabad, Hyderabad - 500004 by a demand draft drawn in favour of the "Reserve Bank of India" and payable at Hyderabad within a period of 15 days from the date of this order. In case of failure to deposit the compounded amount within the above mentioned period, Rule10 of the Foreign Exchange (Compounding Proceedings) Rules, 2000 dated May 3, 2000 shall apply.

The application is disposed accordingly.

Dated this 25th day of October 2018

Sd/- (Subrata Das) Regional Director (Andhra Pradesh and Telangana) and Chief General Manager (Hyderabad)