M/s Keypoint Technologies India Pvt Ltd

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: March 15, 2019 C.A. HYD 352 In the matter of M/s. KeyPoint Technologies (India) Private Limited Raja Praasadamu,Level 2,Wing 2, Botanical Gardens Road Kondapur, Serilingampally Mandal Hyderabad – 500 084 (Applicant) In exercise of the powers conferred under sub-section 1 of Section 15 of Foreign Exchange Management Act, 1999 and the Regulations/ Rules/ Notifications/ Orders made there under, I pass the following Order The applicant has submitted the compounding application dated November 12, 2018 received by us on November 14, 2018 for compounding of contraventions of the provision of the Foreign Exchange Management Act, 1999 (FEMA) and the regulations issued there under. The contraventions sought to be compounded is (i) delay in reporting of receipt of foreign inward remittances towards subscription of equity, (ii) delay in submission of Form FCGPR to the Reserve Bank after issue of shares to a person resident outside India, (iii) delay in allotment of shares to a Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 person resident outside India and (iv) delay in filing the annual return in respect of the Foreign Liabilities and Assets, in terms of Paragraph 9(1)(A), Paragraph 9(1)(B), Paragraph 8 and Paragraph 9(2) 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 as then applicable (hereinafter referred to as Notification No. FEMA 20/2000-RB) and Regulation 13.1(3) of Schedule I to Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 as amended from time to time. 2. The relevant facts of the case furnished to us are as follows: a) The applicant is a resident company incorporated as Private Limited Company under the Companies Act, 1956 on June 7, 2007 (CIN: U72200TG2007FTC054351). The company is engaged in the business of “Writing, modifying, testing of computer program to meet the needs of a particular client excluding web-page designing”. b) The applicant had received foreign inward remittances from the following foreign investors as indicated below: S. Name of Remitter Total amount Date of Date of No (INR) Receipt Reporting 1 Keypoint Technologies 1020688 02-08-2007 05-03-2014 (UK) Limited 2 Keypoint Technologies 1197488 10-10-2007 05-03-2014 (UK) Limited 3 Keypoint Technologies 2795888 11-10-2007 05-03-2014 (UK) Limited 4 Keypoint Technologies 23999234 12-09-2008 05-03-2014 (UK) Limited 5 Keypoint Technologies 21651190 06-03-2009 05-03-2014 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 6 Keypoint Technologies 18395400 18-08-2009 05-03-2014 (UK) Limited 7 Keypoint Technologies 36271450 06-07-2010 10-08-2010 (UK) Limited 8 Keypoint Technologies 10981750 29-09-2010 19-10-2010 (UK) Limited 9 Keypoint Technologies 34679400 03-08-2011 06-09-2011 (UK) Limited 10 Keypoint Technologies 45575000 11-06-2013 15-07-2013 (UK) Limited 11 Keypoint Technologies 55602150 26-07-2013 26-08-2013 (UK) Limited 12 Keypoint Technologies 9282000 31-07-2013 27-09-2013 (UK) Limited 13 Keypoint Technologies 78119920 10-09-2013 08-10-2013 (UK) Limited 14 Keypoint Technologies 11930400 23-10-2013 19-03-2014 (UK) Limited 15 Keypoint Technologies 10095000 21-11-2013 21-04-2014 (UK) Limited 16 Keypoint Technologies 5528208.56 12-12-2013 21-04-2014 (UK) Limited 17 Keypoint Technologies 2044400 02-01-2014 21-04-2014 (UK) Limited 18 Keypoint Technologies 10091000 21-01-2014 21-04-2014 (UK) Limited 19 Keypoint Technologies 9384999.44 04-02-2014 21-04-2014 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 20 Keypoint Technologies 10328000 24-02-2014 21-04-2014 (UK) Limited 21 Keypoint Technologies 8204800 25-04-2014 23-05-2014 (UK) Limited 22 Keypoint Technologies 17993520.16 05-05-2014 10-09-2014 (UK) Limited 23 Keypoint Technologies 15044518.56 17-06-2014 08-07-2014 (UK) Limited 24 Keypoint Technologies 3659520 24-07-2014 10-09-2014 (UK) Limited 25 Keypoint Technologies 3057194.25 06-08-2014 10-09-2014 (UK) Limited 26 Keypoint Technologies 1537350 12-08-2014 10-09-2014 (UK) Limited 27 Keypoint Technologies 12021600 28-08-2014 10-09-2014 (UK) Limited 28 Keypoint Technologies 8878500 07-10-2014 28-10-2014 (UK) Limited 29 Keypoint Technologies 19740000 29-10-2014 25-11-2014 (UK) Limited 30 Keypoint Technologies 1953200 10-11-2014 25-11-2014 (UK) Limited 31 Keypoint Technologies 8735400 28-11-2014 27-12-2014 (UK) Limited 32 Keypoint Technologies 9878000 30-12-2014 29-01-2015 (UK) Limited 33 Keypoint Technologies 932600 21-01-2015 29-01-2015 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 34 Keypoint Technologies 10228900 29-01-2015 20-02-2015 (UK) Limited 35 Keypoint Technologies 959400 18-02-2015 16-03-2015 (UK) Limited 36 Keypoint Technologies 12838500 03-03-2015 16-03-2015 (UK) Limited 37 Keypoint Technologies 1831400 17-03-2015 09-04-2015 (UK) Limited 38 Keypoint Technologies 9250000 25-03-2015 09-04-2015 (UK) Limited 39 Keypoint Technologies 16509001.6 16-04-2015 29-04-2015 (UK) Limited 40 Keypoint Technologies 11802489.6 12-05-2015 11-06-2015 (UK) Limited 41 Keypoint Technologies 9500000 26-06-2015 31-07-2015 (UK) Limited 42 Keypoint Technologies 10923000 28-07-2015 08-08-2015 (UK) Limited 43 Keypoint Technologies 3956000 07-08-2015 27-08-2015 (UK) Limited 44 Keypoint Technologies 1531500 19-08-2015 31-08-2015 (UK) Limited 45 Keypoint Technologies 12444000 26-08-2015 15-09-2015 (UK) Limited 46 Keypoint Technologies 12649000 29-04-2016 19-07-2016 (UK) Limited 47 Keypoint Technologies 9840000 31-05-2016 30-06-2016 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 48 Keypoint Technologies 11893750 14-06-2016 30-06-2016 (UK) Limited 49 Keypoint Technologies 4457500 05-07-2016 19-07-2016 (UK) Limited 50 Keypoint Technologies 17646000 27-07-2016 18-08-2016 (UK) Limited 51 Keypoint Technologies 4389000 19-08-2016 02-12-2016 (UK) Limited 52 Keypoint Technologies 10041964.4 31-08-2016 02-12-2016 (UK) Limited 53 Keypoint Technologies 6695000 16-09-2016 02-12-2016 (UK) Limited 54 Keypoint Technologies 9472100 27-09-2016 02-12-2016 (UK) Limited 55 Keypoint Technologies 3320800 04-11-2016 02-12-2016 (UK) Limited 56 Keypoint Technologies 16876000 15-11-2016 02-12-2016 (UK) Limited 57 Keypoint Technologies 2976854.51 29-11-2016 02-12-2016 (UK) Limited 58 Keypoint Technologies 12813000 13-12-2016 20-12-2016 (UK) Limited 59 Keypoint Technologies 4992600 29-12-2016 04-01-2017 (UK) Limited 60 Keypoint Technologies 12534000 05-01-2017 09-01-2017 (UK) Limited 61 Keypoint Technologies 8540000 30-01-2017 09-02-2017 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 62 Keypoint Technologies 8400000 08-02-2017 13-02-2017 (UK) Limited 63 Keypoint Technologies 8265000 28-02-2017 24-03-2017 (UK) Limited 64 Keypoint Technologies 8190000 06-03-2017 24-03-2017 (UK) Limited 65 Keypoint Technologies 6927500 24-03-2017 30-03-2017 (UK) Limited 66 Keypoint Technologies 12150000 07-04-2017 03-05-2017 (UK) Limited 67 Keypoint Technologies 14128400 05-05-2017 06-06-2017 (UK) Limited 68 Keypoint Technologies 7486200 08-05-2017 06-06-2017 (UK) Limited 69 Keypoint Technologies 18046000 31-05-2017 06-06-2017 (UK) Limited 70 Keypoint Technologies 16939150 28-06-2017 28-07-2017 (UK) Limited 71 Keypoint Technologies 25149000 28-07-2017 28-08-2017 (UK) Limited 72 Keypoint Technologies 22312800 31-08-2017 10-09-2017 (UK) Limited 73 Keypoint Technologies 21449750 29-09-2017 06-10-2017 (UK) Limited 74 Keypoint Technologies 15327000 30-10-2017 20-11-2017 (UK) Limited 75 Keypoint Technologies 18200700 30-11-2017 06-12-2017 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 76 Keypoint Technologies 22334000 28-12-2017 19-01-2018 (UK) Limited 77 Keypoint Technologies 19079491.2 31-01-2018 15-02-2018 (UK) Limited 78 Keypoint Technologies 17290000 05-03-2018 22-03-2018 (UK) Limited 79 Keypoint Technologies 17039500 27-03-2018 25-04-2018 (UK) Limited 80 Keypoint Technologies 16351300 26-04-2018 23-05-2018 (UK) Limited 81 Keypoint Technologies 16129800 30-05-2018 22-06-2018 (UK) Limited 82 Keypoint Technologies 12657400 27-06-2018 17-07-2018 (UK) Limited 83 Keypoint Technologies 14395200 31-07-2018 08-08-2018 (UK) Limited 84 Keypoint Technologies 20284000 31-08-2018 19-11-2018 (UK) Limited 85 Keypoint Technologies 15243200 *27-09-2018 Not applicable (UK) Limited 86 Keypoint Technologies 8465400 *31-10-2018 Not applicable (UK) Limited Total 1,14,37,62,320.28 For Sl No. 84, Late Submission Fee levied for the remittances received afer November 07, 2017. * Reporting of inward remittance is not required for the remittances received after September 01, 2018.

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 The applicant reported receipt of remittances towards share subscription amounting to ₹ 1,12,00,53,720.28 received from 02.08.2007 to 31.08.2018 to the Regional Office of Reserve Bank of India, out of which remittance amounting to ₹ 42,66,06,594.81 were reported with delays ranging from 1 day to 6 years 6 months 4 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 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: S. Name of Investor Date of No. of Amount for Date of No allotment shares which shares Reporting allotted 1 Keypoint Technologies 02-08-2007 10,000 10,00,000 27-03-2014 (UK) Limited 2 Keypoint Technologies 12-03-2008 40,000 40,00,000 27-03-2014 (UK) Limited 3 Keypoint Technologies 01-01-2009 2,40,000 2,40,00,000 27-03-2014 (UK) Limited 4 Keypoint Technologies 24-03-2009 2,10,000 2,10,00,000 27-03-2014 (UK) Limited 5 Keypoint Technologies 30-03-2010 1,83,954 1,83,95,400 27-03-2014 (UK) Limited 6 Keypoint Technologies 14-05-2010 6,636 6,63,600 27-03-2014 (UK) Limited 7 Keypoint Technologies 30-12-2010 3,62,715 3,62,71,500 27-03-2014 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 8 Keypoint Technologies 28-02-2011 1,09,818 1,09,81,800 27-03-2014 (UK) Limited 9 Keypoint Technologies 05-01-2012 3,46,794 3,46,79,400 27-03-2014 (UK) Limited 10 Keypoint Technologies 09-10-2013 18,85,790 18,85,79,000 17-09-2014 (UK) Limited 11 Keypoint Technologies 04-03-2014 5,94,020 5,94,02,000 17-09-2014 (UK) Limited 12 Keypoint Technologies 20-06-2014 4,12,428 4,12,42,800 17-09-2014 (UK) Limited 13 Keypoint Technologies 01-09-2014 2,02,757 2,02,75,700 25-10-2014 (UK) Limited 14 Keypoint Technologies 04-12-2014 3,93,071 3,93,07,100 27-12-2014 (UK) Limited 15 Keypoint Technologies 31-12-2014 98,780 98,78,000 13-05-2015 (UK) Limited 16 Keypoint Technologies 22-01-2015 9,326 9,32,600 29-04-2015 (UK) Limited 17 Keypoint Technologies 29-01-2015 1,02,289 1,02,28,900 29-04-2015 (UK) Limited 18 Keypoint Technologies 19-02-2015 9,594 9,59,400 29-04-2015 (UK) Limited 19 Keypoint Technologies 04-03-2015 1,28,385 1,28,38,500 13-05-2015 (UK) Limited 20 Keypoint Technologies 26-03-2015 1,10,814 1,10,81,400 13-05-2015 (UK) Limited 21 Keypoint Technologies 23-04-2015 1,65,090 1,65,09,000 13-06-2015 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 22 Keypoint Technologies 13-05-2015 1,18,024 1,18,02,400 15-06-2015 (UK) Limited 23 Keypoint Technologies 29-06-2015 95,000 95,00,000 08-10-2015 (UK) Limited 24 Keypoint Technologies 30-07-2015 1,09,230 1,09,23,000 08-10-2015 (UK) Limited 25 Keypoint Technologies 07-08-2015 39,560 39,56,000 12-10-2015 (UK) Limited 26 Keypoint Technologies 19-08-2015 15,315 15,31,500 21-10-2015 (UK) Limited 27 Keypoint Technologies 27-08-2015 1,24,440 1,24,44,000 21-10-2015 (UK) Limited 28 Keypoint Technologies 29-04-2016 1,26,490 1,26,49,000 10-09-2017 (UK) Limited 29 Keypoint Technologies 31-05-2016 98,400 98,40,000 04-01-2017 (UK) Limited 30 Keypoint Technologies 14-06-2016 1,18,937 1,18,93,700 21-01-2017 (UK) Limited 31 Keypoint Technologies 05-07-2016 44,575 44,57,500 07-12-2016 (UK) Limited 32 Keypoint Technologies 27-07-2016 1,76,460 1,76,46,000 17-01-2017 (UK) Limited 33 Keypoint Technologies 19-08-2016 43,890 43,89,000 10-09-2017 (UK) Limited 34 Keypoint Technologies 31-08-2016 1,00,419 1,00,41,900 10-09-2017 (UK) Limited 35 Keypoint Technologies 16-09-2016 66,950 66,95,000 10-09-2017 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 36 Keypoint Technologies 27-09-2016 94,721 94,72,100 10-09-2017 (UK) Limited 37 Keypoint Technologies 04-11-2016 33,208 33,20,800 18-01-2017 (UK) Limited 38 Keypoint Technologies 15-11-2016 1,68,760 1,68,76,000 18-01-2017 (UK) Limited 39 Keypoint Technologies 29-11-2016 29,768 29,76,800 21-01-2017 (UK) Limited 40 Keypoint Technologies 13-12-2016 1,28,130 1,28,13,000 21-01-2017 (UK) Limited 41 Keypoint Technologies 29-12-2016 49,926 49,92,600 14-08-2018 (UK) Limited 42 Keypoint Technologies 05-01-2017 1,25,340 1,25,34,000 09-02-2017 (UK) Limited 43 Keypoint Technologies 30-01-2017 85,400 85,40,000 10-09-2017 (UK) Limited 44 Keypoint Technologies 11-02-2017 84,000 84,00,000 10-09-2017 (UK) Limited 45 Keypoint Technologies 28-02-2017 82,650 82,65,000 10-09-2017 (UK) Limited 46 Keypoint Technologies 06-03-2017 81,900 81,90,000 10-09-2017 (UK) Limited 47 Keypoint Technologies 30-03-2017 69,275 69,27,500 10-09-2017 (UK) Limited 48 Keypoint Technologies 08-04-2017 1,21,500 1,21,50,000 10-09-2017 (UK) Limited 49 Keypoint Technologies 05-05-2017 1,41,284 1,41,28,400 10-09-2017 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 50 Keypoint Technologies 08-05-2017 74,862 74,86,200 07-09-2017 (UK) Limited 51 Keypoint Technologies 31-05-2017 1,80,460 1,80,46,000 07-09-2017 (UK) Limited 52 Keypoint Technologies 29-06-2017 1,69,391 1,69,39,100 26-07-2017 (UK) Limited 53 Keypoint Technologies 29-07-2017 2,51,490 2,51,49,000 07-09-2017 (UK) Limited 54 Keypoint Technologies 31-08-2017 2,23,128 2,23,12,800 29-09-2017 (UK) Limited 55 Keypoint Technologies 29-09-2017 2,14,497 2,14,49,700 28-10-2017 (UK) Limited 56 Keypoint Technologies 30-10-2017 1,53,270 1,53,27,000 24-11-2017 (UK) Limited 57 Keypoint Technologies 30-11-2017 1,82,007 1,82,00,700 28-12-2017 (UK) Limited 58 Keypoint Technologies 29-12-2017 2,23,340 2,23,34,000 19-01-2018 (UK) Limited 59 Keypoint Technologies 31-01-2018 1,90,794 1,90,79,400 01-03-2018 (UK) Limited 60 Keypoint Technologies 05-03-2018 1,72,900 1,72,90,000 23-03-2018 (UK) Limited 61 Keypoint Technologies 27-03-2018 1,70,395 1,70,39,500 25-04-2018 (UK) Limited 62 Keypoint Technologies 26-04-2018 1,63,513 1,63,51,300 23-05-2018 (UK) Limited 63 Keypoint Technologies 30-05-2018 1,61,298 1,61,29,800 22-06-2018 (UK) Limited

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 64 Keypoint Technologies 29-06-2018 1,26,574 1,26,57,400 17-07-2018 (UK) Limited 65 Keypoint Technologies 31-07-2018 1,43,952 1,43,95,200 09-08-2018 (UK) Limited 66 Keypoint Technologies 31-08-2018 2,02,840 2,02,84,000 19-11-2018 (UK) Limited 67 Keypoint Technologies 28-09-2018 1,52,432 1,52,43,200 13-12-2018 (UK) Limited 68 Keypoint Technologies 31-10-2018 84,654 84,65,400 02-01-2019 (UK) Limited Total 1,14,37,610 1,14,37,61,000 For Sl Nos.66 to 68, Late Submission Fee levied for the allotment made after November 07, 2017. The applicant filed form FCGPRs for the allotment of shares amounting to ₹ 1,14,37,61,000/- to the Regional Office of the Reserve Bank of India, out of which shares amounting to ₹ 83,09,55,400/- were reported with a delay ranging from 3 days to 6 years 6 months 26 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 shares in accordance with these Regulations has to submit to Reserve Bank 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. d) The applicant has delayed in allotment of shares amounting to ₹ 1,90,89,664/- to the foreign investor beyond the stipulated period of 180 days from the date of receipt of remittances. Period of contravention ranges from 13 days to 1 year 8 months 9 days approximately.

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 S. Total amount Date of Name of Remitter Date of Receipt No (INR) allotment 1 Keypoint Technologies 14,064 11-10-2007 01-01-2009 (UK) Limited 2 Keypoint Technologies 13,298 12-09-2008 24-03-2009 (UK) Limited 3 Keypoint Technologies 6,64,488 06-03-2009 30-03-2010 (UK) Limited 4 Keypoint Technologies 1,77,30,912 18-08-2009 30-03-2010 (UK) Limited

5 Keypoint Technologies 6,63,600 18-08-2009 14-05-2010 (UK) Limited 6 Keypoint Technologies 888 18-08-2009 30-12-2010 (UK) Limited 7 Keypoint Technologies 838 06-07-2010 28-02-2011 (UK) Limited 8 Keypoint Technologies 788 29-09-2010 05-01-2012 (UK) Limited 9 Keypoint Technologies 788 03-08-2011 09-10-2013 (UK) Limited Total 1,90,89,664 Whereas in terms of Paragraph 8 of Schedule 1 to Notification No. FEMA 20/2000- RB, the shares have to be issued within the stipulated period of 180 days from the date of receipt of the inward remittance. e) The company has delayed in filing FLA Return (Foreign liabilities and Assets) as shown below:

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352

Sl Particulars Financial Due date of filing the Date of actual No year return filing 1 FLA Return 2007-08 15-07-2008 06-03-2019 2 FLA Return 2008-09 15-07-2009 06-03-2019 3 FLA Return 2009-10 15-07-2010 06-03-2019 4 FLA Return 2010-11 15-07-2011 06-03-2019 5 FLA Return 2011-12 15-07-2012 06-03-2019 6 FLA Return 2012-13 15-07-2013 06-11-2014 7 FLA Return 2013-14 15-07-2014 24-07-2014 8 FLA Return 2014-15 15-07-2015 22-12-2015 9 FLA Return 2015-16 15-07-2016 25-01-2018 10 FLA Return 2016-17 15-07-2017 25-01-2018 11 FLA Return 2017-18 15-07-2018 16-07-2018

Whereas in terms of Para 9(2) of Schedule I to Notification No. FEMA 20/2000-RB dated May 03, 2000 as then applicable and Regulation 13.1(3) of Schedule I to Notification No. FEMA 20(R)/2017-RB dated November 07, 2017 as amended from time to time, “All Indian companies which have received Foreign Direct Investment in the previous year(s) including the current year shall submit to the Reserve Bank of India, on or before the 15th day of July of each year, [a report titled ‘Annual Return on Foreign Liabilities and Assets’ (FLA) as specified by the Reserve Bank from time to time]. 3. (a) The applicant was given an opportunity for personal hearing vide Reserve Bank’s letter No. HY.FE.FID/ 1865 /14.66.003/2018-19 dated March 06, 2019 for further submission in person and/or producing documents, if any, in support of the application.

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 (b) The applicant vide e-mail dated March 07, 2019 stated that they are foregoing appearing for the personal hearing and requested that the compounding application may be disposed of on the basis of merits in terms of the facts/submission made therein along with the compounding application. The application for compounding is, therefore, being considered on the basis of the averments made in the application. 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 ₹ 42,66,06,594.81 and the delay ranges from 1 day to 6 years 6 months 4 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 ₹ 83,09,55,400/- and the delay ranges from 3 days to 6 years 6 months 26 days approximately. (c) Paragraph 8 of Schedule 1 to Notification No. FEMA 20/2000-RB for delay in allotment of shares to the non-resident investor and the contravention relates to an amount of ₹ 1,90,89,664/- and the delay ranges from 13 days to 1 year 8 months 9 days approximately. (d) Paragraph 9(2) of Schedule I to Notification No. FEMA 20/2000-RB and Paragraph 13.1(3) of Schedule I to Notification No. FEMA 20(R)/2017-RB for delay in filing of Annual Return on Foreign Liabilities and Assets to Reserve Bank of India for eleven financial years with delays ranging from 1 day to 10 years 7 months 20 days approximately.

Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 5. It has been declared in the compounding application dated November 12, 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 November 12, 2018 furnished with the compounding application that the applicant was not under any enquiry/investigation/adjudication by any agency as on the date of the application and has, in this regard, not informed of initiation of any such enquiry/investigation/adjudication proceedings against it thereafter. It has further been declared that the applicant has not filed any appeal under section 17 or section 19 of FEMA, 1999. 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 ₹ 27, 77,199 /- (Rupees Twenty Seven Lakh Seventy Seven Thousand One Hundred Ninety Nine Only) will meet the ends of justice. 7. Accordingly, I compound the admitted contraventions, namely, the contraventions of Paragraph 9(1)(A), Paragraph 9(1)(B), Paragraph 8, Paragraph 9(2) of Schedule 1 to Notification No. FEMA-20/2000-RB and Regulation 13.1(3) of Schedule 1 to Notification No. FEMA-20(R)/2017-RB by the applicant on the facts discussed above in terms of the Foreign Exchange (Compounding Proceedings) Rules, 2000 on payment of an amount ₹ 27,77,199/- (Rupees Twenty Seven Lakh Seventy Seven Thousand One Hundred Ninety Nine Only) which shall be deposited by the Compounding of contraventions under FEMA 1999 M/s KeyPoint Technologies (India) Private Limited CA No. HYD 352 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 15th day of March 2019 (Sd/-) (Subrata Das) Regional Director (Andhra Pradesh and Telangana) and Chief General Manager (Hyderabad)