Cancer Treatment Services Hyderabad Pvt Ltd

In the RESERVE BANK OF INDIA Foreign Exchange Department Secretariat Road Saifabad, Hyderabad 500 004 Present R. Subramanian Regional Director Date: May 12, 2017 C.A. HYD 194 In the matter of M/s. Cancer Treatment Services Hyderabad Pvt Ltd 1-100/1/CCH Nallagandla Village Serilingampally Mandal Hyderabad- 500019 (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 January 30, 2017 received by us on February 03, 2017 for compounding of contravention of the provisions of the Foreign Exchange Management Act, 1999 (the FEMA) and the regulations issued there under. The contraventions sought to be compounded are (i) neither the equity instruments were issued nor the money refunded to the foreign investor, a person resident outside India within 180 days of the receipt of the inward remittance (II) issue of shares prior to receipt of consideration; (iii) delay in receipt of amount of consideration towards allotment of shares and (iv) delay in submission of Form FC-GPR to the FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 Reserve Bank after issue of shares to a person resident outside India in terms of Paragraph 8, Paragraph 9 (1) (A) and Paragraph 9 (1) (B) of Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 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 3rd May 2000 and as amended from time to time (hereinafter referred to as Notification No. FEMA 20 /2000-RB). 2. The relevant facts of the case are as follows: a) The applicant is a resident company incorporated on 16.11.2006.The company is engaged in the business of providing advanced medical treatment in the field of cancer at its Centre located at Hyderabad.

b) The applicant had received foreign inward remittances from overseas investors towards advance for subscription to equity shares as indicated below:

Date of Sl. Amount of Date of Name of Remitter inward No. remittance (Rs.) Reporting remittance Cancer Treatment 1 Services International 28-03-2007 05-06-2009 2,14,043.00 LP, USA Cancer Treatment 2 Services International 04-02-2008 05-06-2009 2,35,264.00 LP, USA Cancer Treatment 3 Services International 10-04-2008 05-06-2009 15,00,000.00 LP, USA Cancer Treatment 4 Services International 18-07-2008 05-06-2009 5,00,000.00 LP, USA Cancer Treatment 5 Services International 09-01-2009 05-06-2009 6,50,000.00 LP, USA Cancer Treatment 6 Services International 16-04-2009 05-06-2009 5,34,000.00 LP, USA

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 Cancer Treatment 7 Services International 30-07-2009 14-09-2009 5,00,700.00 LP, USA Cancer Treatment 8 Services International 25-11-2009 19-12-2009 8,39,500.00 LP, USA Cancer Treatment 9 Services International 28-01-2010 24-02-2010 3,60,000.00 LP, USA Cancer Treatment 10 Services International 29-03-2010 28-04-2010 15,72,281.00 LP, USA Cancer Treatment 11 Services International 07-04-2010 28-04-2010 8,85,448.00 LP, USA Cancer Treatment 12 Services International 21-05-2010 18-06-2010 4,67,382.00 LP, USA Cancer Treatment 13 Services International 14-07-2010 17-08-2010 25,55,826.00 LP, USA Cancer Treatment 14 Services International 28-07-2010 27-08-2010 199,88,473.65 LP, USA Cancer Treatment 15 Services International 09-08-2010 27-08-2010 486,88,152.65 LP, USA New England Lead 16 20-07-2010 23-08-2010 Burning Company 66,98,483.00 17 Vasu Dev Rangadas 20-08-2010 20-09-2010 49,95,061.00 Cancer Treatment 18 Services International 18-11-2010 14-12-2010 949,81,372.00 LP, USA Cancer Treatment 19 Services International 25-04-2011 30-06-2011 44,28,000.00 LP, USA Cancer Treatment 20 Services International 27-06-2011 06-09-2011 22,38,801.18 LP, USA Cancer Treatment 21 Services International 26-08-2011 23-09-2011 45,77,382.52 LP, USA Cancer Treatment 22 28-10-2011 11-11-2011 Services International 49,27,608.00

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 LP, USA Cancer Treatment 23 Services International 23-12-2011 19-01-2012 525,00,000.00 LP, USA Cancer Treatment 24 Services International 17-01-2012 31-01-2012 102,68,473.65 LP, USA Cancer Treatment 25 Services International 13-03-2012 11-04-2012 297,06,000.00 LP, USA Cancer Treatment 26 Services International 26-03-2012 11-04-2012 151,12,110.00 LP, USA Cancer Treatment 27 Services International 17-04-2012 10-05-2012 102,02,000.00 LP, USA Cancer Treatment 28 Services International 03-05-2012 10-05-2012 104,54,000.00 LP, USA Cancer Treatment 29 Services International 30-05-2012 25-06-2012 55,10,000.00 LP, USA CTSI (Mauritius), 30 06-06-2012 09-07-2012 Limited, Mauritius 55,60,003.56 CTSI (Mauritius), 31 06-07-2012 26-07-2012 Limited, Mauritius 55,04,001.41 CTSI (Mauritius), 32 18-07-2012 26-07-2012 Limited, Mauritius 110,20,000.00 CTSI (Mauritius), 33 08-08-2012 28-08-2012 Limited, Mauritius 220,00,000.00 CTSI (Mauritius), 34 17-10-2012 01-11-2012 Limited, Mauritius 52,61,000.00 CTSI (Mauritius), 35 08-11-2012 21-11-2012 Limited, Mauritius 81,40,500.00 CTSI (Mauritius), 36 11-12-2012 21-12-2012 Limited, Mauritius 108,30,000.00 CTSI (Mauritius), 37 28-12-2012 04-01-2013 Limited, Mauritius 109,34,000.00 CTSI (Mauritius), 38 23-01-2013 05-02-2013 Limited, Mauritius 107,40,000.00 CTSI (Mauritius), 39 28-03-2013 04-04-2013 Limited, Mauritius 297,27,500.00 CTSI (Mauritius), 40 04-04-2013 10-04-2013 Limited, Mauritius 54,60,000.00

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 CTSI (Mauritius), 41 02-05-2013 07-05-2013 Limited, Mauritius 80,29,500.00 CTSI (Mauritius), 42 03-05-2013 10-05-2013 Limited, Mauritius 40,31,250.00 CTSI (Mauritius), 43 30-05-2013 11-06-2013 Limited, Mauritius 69,78,750.00 CTSI (Mauritius), 44 13-06-2013 22-08-2013 Limited, Mauritius 116,26,000.00 CTSI (Mauritius), 45 28-06-2013 10-07-2013 Limited, Mauritius 202,81,000.00 CTSI (Mauritius), 46 04-07-2013 10-07-2013 Limited, Mauritius 208,77,500.00 CTSI (Mauritius), 47 31-07-2013 16-08-2013 Limited, Mauritius 243,28,000.00 CTSI (Mauritius), 48 03-09-2013 12-09-2013 Limited, Mauritius 116,63,750.00 CTSI (Mauritius), 49 10-09-2013 23-09-2013 Limited, Mauritius 99,20,000.00 CTSI (Mauritius), 50 31-10-2013 12-11-2013 Limited, Mauritius 91,68,000.00 CTSI (Mauritius), 51 29-11-2013 06-12-2013 Limited, Mauritius 31,10,500.00 CTSI (Mauritius), 52 30-12-2013 28-01-2014 Limited, Mauritius 462,90,000.00 CTSI (Mauritius), 53 31-01-2014 26-02-2014 Limited, Mauritius 218,19,000.00 CTSI (Mauritius), 54 28-02-2014 19-03-2014 Limited, Mauritius 61,90,000.00 CTSI (Mauritius), 55 02-04-2014 28-04-2014 Limited, Mauritius 90,06,000.00 CTSI (Mauritius), 56 17-04-2014 04-07-2014 Limited, Mauritius 301,50,000.00 CTSI (Mauritius), 57 25-04-2014 06-05-2014 Limited, Mauritius 152,32,500.00 CTSI (Mauritius), 58 22-05-2014 03-06-2014 Limited, Mauritius 145,87,500.00 CTSI (Mauritius), 59 26-06-2014 12-07-2014 Limited, Mauritius 359,99,520.00 CTSI (Mauritius), 60 07-07-2014 12-07-2014 Limited, Mauritius 59,70,522.32 CTSI (Mauritius), 61 05-08-2014 18-08-2014 Limited, Mauritius 121,33,514.64 CTSI (Mauritius), 62 25-08-2014 02-09-2014 Limited, Mauritius 60,29,517.60

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 CTSI (Mauritius), 63 02-09-2014 26-09-2014 Limited, Mauritius 60,43,516.00 CTSI (Mauritius), 64 25-09-2014 10-10-2014 Limited, Mauritius 365,46,000.00 CTSI (Mauritius), 65 30-09-2014 10-10-2014 Limited, Mauritius 122,82,000.00 CTSI (Mauritius), 66 28-10-2014 05-11-2014 Limited, Mauritius 122,44,000.00 CTSI (Mauritius), 67 03-12-2014 16-12-2014 Limited, Mauritius 74,05,906.24 CTSI (Mauritius), 68 31-12-2014 08-01-2015 Limited, Mauritius 442,04,494.80 CTSI (Mauritius), 69 02-02-2015 25-02-2015 Limited, Mauritius 61,69,506.40 Cancer Treatment 70 Services International 4,63,450.00 13-02-2015 21-02-2015 LP, USA CTSI (Mauritius), 71 09-03-2015 19-03-2015 Limited, Mauritius 31,27,187.25 Rudraraju Panduranga 72 547,13,249.76 31-03-2015 29-04-2015 Raju, USA CTSI (Mauritius), 73 05-05-2015 16-05-2015 Limited, Mauritius 126,59,493.60 CTSI (Mauritius), 74 03-06-2015 13-06-2015 Limited, Mauritius 127,41,490.32 CTSI (Mauritius), 75 25-06-2015 07-07-2015 Limited, Mauritius 317,05,000.00 CTSI (Mauritius), 76 08-07-2015 17-07-2015 Limited, Mauritius 63,45,000.00 CTSI (Mauritius), 77 30-07-2015 21-08-2015 Limited, Mauritius 63,81,489.44 CTSI (Mauritius), 78 13-08-2015 21-08-2015 Limited, Mauritius 32,31,000.00 CTSI (Mauritius), 79 31-08-2015 07-09-2015 Limited, Mauritius 99,17,471.04 CTSI (Mauritius), 80 09-09-2015 15-09-2015 Limited, Mauritius 66,19,470.40 CTSI (Mauritius), 81 30-09-2015 19-10-2015 Limited, Mauritius 209,63,200.00 Cancer Treatment 82 Services International 06-10-2015 19-10-2015 195,27,526.20 Inc., USA Cancer Treatment 83 08-10-2015 19-10-2015 Services International 259,57,533.80

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 Inc., USA CTSI (Mauritius), 84 23-10-2015 12-11-2015 Limited, Mauritius 32,36,500.00 CTSI (Mauritius), 85 02-11-2015 12-11-2015 Limited, Mauritius 114,13,500.00 CTSI (Mauritius), 86 30-11-2015 16-12-2015 Limited, Mauritius 66,57,000.00 CTSI (Mauritius), 87 07-12-2015 14-12-2015 Limited, Mauritius 66,30,000.00 CTSI (Mauritius), 88 28-12-2015 06-01-2016 Limited, Mauritius 230,86,000.00 CTSI (Mauritius), 89 05-01-2016 30-01-2016 Limited, Mauritius 132,64,000.00 CTSI (Mauritius), 90 06-01-2016 30-01-2016 Limited, Mauritius 33,28,500.00 CTSI (Mauritius), 91 30-01-2016 16-02-2016 Limited, Mauritius 67,70,000.00 CTSI (Mauritius), 92 03-02-2016 16-02-2016 Limited, Mauritius 102,03,000.00 CTSI (Mauritius), 93 26-02-2016 07-03-2016 Limited, Mauritius 85,71,250.00 CTSI (Mauritius), 94 01-03-2016 07-03-2016 Limited, Mauritius 68,00,000.00 CTSI (Mauritius), 95 17-03-2016 25-03-2016 Limited, Mauritius 66,65,000.00 CTSI (Mauritius), 96 05-05-2016 21-05-2016 Limited, Mauritius 10931,51,963.12 New England Lead 97 24-05-2016 23-06-2016 Burning Company Inc 675.00 98 Vasudev Rangadass 26-05-2016 25-06-2016 671.50 Total 233,37,15,736.53 The applicant reported receipt of remittances towards share subscription amounting to 233,37,15,736.53 /- to the Regional Office of Reserve Bank of India and remittances amounting to 7,23,86,181.74 /- was reported with delay ranging from 1 day to 2 years ₹ 1 month 7 days approximately as indicated above. 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 FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 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 equity shares and filed Form FC-GPRs as indicated below: Date of No. of Sl. Issuance of Total Value Date of Name of investor Shares/CCDs No. Shares/CCD (Rs.) Reporting issued s Cancer Treatment 1 Services International 31-03-2009 16-11-2009 3,56,077 35,60,770 LP, USA Cancer Treatment 2 Services International 01-09-2009 16-11-2009 1,03,470 10,34,700 LP, USA Cancer Treatment 3 Services International 04-03-2010 29-03-2010 83,950 8,39,500 LP, USA Cancer Treatment 4 Services International 08-03-2010 29-03-2010 36,000 3,60,000 LP, USA Cancer Treatment 5 Services International 16-08-2010 04-09-2010 2,92,511 29,25,110 LP, USA Cancer Treatment 6 Services International 22-10-2010 19-11-2010 71,23,412 712,34,120 LP, USA Gemstar NDO, LLC, 7 29-10-2010 19-11-2010 USA 11,69,354 116,93,540 Cancer Treatment 8 Services International 24-03-2011 29-03-2011 94,98,137 949,81,370 LP, USA Cancer Treatment 9 Services International 08-10-2011 18-10-2011 11,24,418 112,44,180 Inc., USA Cancer Treatment 10 Services International 29-02-2012 03-03-2012 67,69,608 676,96,080 Inc., USA Cancer Treatment 11 Services International 25-08-2012 12-09-2012 70,98,411 709,84,110 Inc., USA CTSI (Mauritius), 12 25-08-2012 12-09-2012 Limited, Mauritius 44,08,400 440,84,000 13 CTSI (Mauritius), 12-04-2013 2 5 - 0 4 - 2 013

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 Limited, Mauritius 81,09,300 810,93,000 CTSI (Mauritius), 14 25-10-2013 21-11-2013 Limited, Mauritius 117,73,575 1177,35,750 CTSI (Mauritius), 15 03-02-2014 26-02-2014 Limited, Mauritius 12,27,850 122,78,500 CTSI (Mauritius), 16 30-05-2014 28-06-2014 Limited, Mauritius 113,45,500 1134,55,000 CTSI (Mauritius), 17 21-06-2014 19-07-2014 Limited, Mauritius 29,82,000 298,20,000 CTSI (Mauritius), 18 01-08-2014 27-08-2014 Limited, Mauritius 41,97,004 419,70,040 CTSI (Mauritius), 19 26-08-2014 26-09-2014 Limited, Mauritius 18,16,303 181,63,030 CTSI (Mauritius), 20 03-09-2014 01-10-2014 Limited, Mauritius 6,04,351 60,43,510 CTSI (Mauritius), 21 30-09-2014 28-10-2014 Limited, Mauritius 48,82,800 488,28,000 CTSI (Mauritius), 22 31-10-2014 29-11-2014 Limited, Mauritius 12,24,400 122,44,000 CTSI (Mauritius), 23 04-12-2014 03-01-2015 Limited, Mauritius 7,40,590 74,05,900 CTSI (Mauritius), 24 02-01-2015 31-01-2015 Limited, Mauritius 44,20,449 442,04,490 CTSI (Mauritius), 25 05-02-2015 28-02-2015 Limited, Mauritius 6,16,950 61,69,500 CTSI (Mauritius), 26 09-03-2015 07-04-2015 Limited, Mauritius 3,12,718 31,27,180 Rudraraju 27* Panduranga Raju, 31-03-2015 29-04-2015 54,71,324 547,13,240 USA * CTSI (Mauritius), 28 06-05-2015 04-06-2015 Limited, Mauritius 12,65,949 126,59,490 CTSI (Mauritius), 29 05-06-2015 02-07-2015 Limited, Mauritius 12,74,149 127,41,490 CTSI (Mauritius), 30 30-06-2015 22-07-2015 Limited, Mauritius 31,70,500 317,05,000 CTSI (Mauritius), 31 08-07-2015 04-08-2015 Limited, Mauritius 6,34,500 63,45,000 CTSI (Mauritius), 32 05-08-2015 01-09-2015 Limited, Mauritius 6,38,148 63,81,480 CTSI (Mauritius), 33 19-08-2015 14-09-2015 Limited, Mauritius 3,23,100 32,31,000 CTSI (Mauritius), 34 01-09-2015 29-09-2015 Limited, Mauritius 9,91,747 99,17,471

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 CTSI (Mauritius), 35 10-09-2015 07-10-2015 Limited, Mauritius 6,61,947 66,19,470 CTSI (Mauritius), 36 30-09-2015 27-10-2015 Limited, Mauritius 20,96,320 209,63,200 Cancer Treatment 37 Services International 07-10-2015 03-11-2015 19,52,752 195,27,520 Inc., USA Cancer Treatment 38 Services International 08-10-2015 03-11-2015 25,95,753 259,57,530 Inc., USA CTSI (Mauritius) 39 26-10-2015 17-11-2015 Limited 3,23,650 32,36,500 CTSI (Mauritius) 40 03-11-2015 27-11-2015 Limited 11,41,350 114,13,500 CTSI (Mauritius) 41 01-12-2015 24-12-2015 Limited 6,65,700 66,57,000 CTSI (Mauritius) 42 07-12-2015 02-01-2016 Limited 6,63,000 66,30,000 CTSI (Mauritius) 43 29-12-2015 25-01-2016 Limited 23,08,600 230,86,000 CTSI (Mauritius) 44 05-01-2016 30-01-2016 Limited 13,26,400 132,64,000 CTSI (Mauritius) 45 07-01-2016 30-01-2016 Limited 3,32,850 33,28,500 CTSI (Mauritius) 46 30-01-2016 28-02-2016 Limited 6,77,000 67,70,000 CTSI (Mauritius) 47 04-02-2016 02-03-2016 Limited 10,20,300 102,03,000 CTSI (Mauritius) 48 29-02-2016 20-03-2016 Limited 8,57,125 85,71,250 CTSI (Mauritius) 49 02-03-2016 20-03-2016 Limited 6,80,000 68,00,000 CTSI (Mauritius) 50 17-03-2016 14-04-2016 Limited 6,66,500 66,65,000 CTSI (Mauritius) 51 05-05-2016 02-06-2016 Limited 1093,15,196 10931,51,960 Total 233,37,13,980 The applicant filed Form FC-GPRs for the allotment of shares amounting to 2, 27, 58,500/- as indicated above with a delay ranging from 1 day to 6 months 15 days approximately beyond the prescribed limit. Whereas in terms of paragraph 9 (1) ₹ (B) of Schedule 1 to Notification No. FEMA 20/2000-RB, an Indian company issuing

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 shares in accordance with these Regulations has to submit to Reserve Bank a report in Form FC-GPR along with documents prescribed therein within 30 days from the date of issue of shares to person resident outside India. d) The company received remittances and allotted shares beyond the stipulated period of 180 days as indicated below. Value of Date of Sl. Name of Total Amount Date of shares allotment of No investor (INR) Receipt allotted shares 1 2,14,043 28.03.2007 Cancer 2 2,35,264 04.02.2008 Treatment 24,49,307 31.03.2009 Services 3 15,00,000 10.04.2008 International LP 4 5,00,000 18.07.2008

Total 24,49,307 24,49,307 e) The applicant company issued shares prior to the receipt of consideration as detailed below:

Date of Sl. Name of Total Amount Date of Value of allotment No investor (INR) Receipt shares allotted of shares Cancer 461463 31.03.09 Treatment 1 Services 4,63,450 13.02.15 International 1688 22.10.10 Inc Total 463450 4,63,151 The company has delayed in allotment of shares beyond the stipulated period of 180 days in respect of remittances aggregating. 24,49,307/- and the delay in allotment of ₹ 11 of 14

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 shares ranges from 2 months 14 days to 1 year 6 months 4 days approximately beyond the stipulated period of 180 days from the date of receipt of inward remittances. Further, the company had allotted shares on two occasions viz 31.03.2009 and 22.10.2010 wherein the consideration received was in shortfall to the extent of Rs. 4,63,450/- which was subsequently received on 13.02.2015 i.e with a delay of to 5 years 10 months 14 days approximately. Whereas in terms of paragraph 8 of Schedule 1 to Notification NO.FEMA 20/2000-RB, 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 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/2412/14.66.003/2016-17 dated May 04, 2017 for further submission in person and/or producing documents, if any, in support of the application. (b) The applicant appeared for personal hearing on May 08, 2017 during which Shri.Keshav Sharda, Assistant Company Secretary, Shri. DVM Gopal, Practising Company Secretary and Shri. Salim Punjani, Company Secretary represented the applicant. The representatives of the applicant admitted the contraventions for which the compounding has been sought. During the personal hearing it was submitted that the delay was due to administrative reasons in the initial period and was not willful or with malafide intention. In view of the foregoing, the applicant requested to take a lenient view in disposal of the application. The application for compounding is, therefore, being FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 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 and submission made by the applicant during the personal hearing. 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 due to delay in reporting of receipt of foreign inward remittances towards subscription to equity shares as detailed above. The contraventions relate to an amount of 7, 23, 86,181.74 /- and the duration of contravention ranges from 1 day to 2 years 1 month 7 days ₹ approximately. (b) Paragraph 9 (1) (B) of Schedule 1 to Notification No. 20/2000-RB due to delay in submission of Form FC-GPR to Reserve Bank after issue of shares to persons resident outside India and the contravention relates to an amount of 2,27,58,500/- and the duration of contravention ranges from 1 day to 6 months 15 days approximately. ₹ (c) Paragraph 8 of Schedule 1 to Notification No. 20/2000-RB due to delay in allotment of shares beyond the stipulated period of 180 days in respect of remittances aggregating.

24, 49,307/- and the delay in allotment of shares ranges from 2 months 14 days to 1 year 6 months 4 days approximately. ₹ (d) Paragraph 8 of Schedule 1 to Notification No. 20/2000-RB due to allotment of shares on two occasions viz 31.03.2009 and 22.10.2010 wherein the consideration received was in shortfall to the extent of 4, 63,450/- which was subsequently received on 13.02.2015 i.e with a delay of 5 years 10 months 14 days approximately. ₹

5. 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

FED M/s. Cancer Treatment Services Hyderabad Pvt Ltd CA No. HYD 194 of - (Rupees One Lakh Thirty Four Thousand One Hundred Seventy Eight only) will meet the ends of justice. ₹ 1, 34,178 / 6. Accordingly, I compound the admitted contraventions namely, the contraventions of Paragraph 8, Paragraph 9 (1) (A) and Paragraph 9 (1) (B) 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 - (Rupees One Lakh Thirty Four Thousand One Hundred Seventy Eight only) which shall be deposited by the applicant with the Reserve Bank of ₹ 1, 34,178 / India, Foreign Exchange Department, 1st Floor, Saifabad, Hyderabad - 500004 by a demand draft drawn in favor 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 12th day of May 2017.

Sd/- (R. Subramanian) Regional Director