Repal Renewables Pvt. Ltd.

In the RESERVE BANK OF INDIA Foreign Exchange Department Secretariat Road Saifabad, Hyderabad 500 004 Present Ramanath Dash Regional Director Date: October 03, 2016 C.A. HYD 145 In the matter of M/s. Repal Renewables Private Limited 2-9/5/6, Third Floor Trendz Venkata Sai Gateway Green Land Colony Gachibowli Hyderabad 500032. . (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 July 19, 2016 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 is delay in submission of Form FC-GPR to the Reserve Bank after issue of shares towards subscription to equity to a person resident outside India in terms of in 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

FED M/s. Repal Renewables Pvt. Ltd. CA No. HYD 145 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 as a private limited company under the Companies Act, 2013 on 14.07.2014. The company is engaged in the business of generation, accumulating, distributing and supplying solar energy. b) The company allotted equity shares and filed Form FC-GPRs as indicated below: Sl Name of Investor Date of Number of Amount for Date of No allotment shares which shares reporting of shares allotted allotted (`)

Armstrong Energy 1 Global Ltd 01.10.14 2,24,224 2,24,22,400 17.12.14 Armstrong Energy 2 Global Ltd 20.05.15 64,645 64,64,500 17.06.15 Armstrong Energy 3 Global Ltd 25.09.15 1,76,225 1,76,22,500 16.10.15 Armstrong Energy 4 Global Ltd 03.11.15 4,99,560 4,99,56,000 14.12.15 Armstrong Energy 5 Global Ltd 23.01.16 3,47,350 3,47,35,000 17.02.16 Armstrong Energy 6 Global Ltd 03.02.16 1,95,860 1,95,86,000 29.02.16 Armstrong Energy 7 Global Ltd 15.02.16 39,400 39,40,000 03.03.16 Vibrant Energy 8 Holdings Pte Ltd 16.04.16 38,62,293 38,62,29,300 14.05.16 Total 54,09,557 54,09,55,700. The applicant filed form FC-GPR for issue of shares amounting to ` 7,23,78,400/- as listed at Sr No 1 and Sr No. 4 indicated above with a delay ranging from 11 days to 1 month 16 days approximately as indicated above. 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. Repal Renewables Pvt. Ltd. CA No. HYD 145 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.

3 a) The applicant was given an opportunity for personal hearing vide Reserve Bank’s letter No. HY.FE.FID/590/14.66.003/2016-17 dated September 16, 2016 for further submission in person and/or producing documents, if any, in support of the application. b) The applicant appeared for personal hearing on September 28, 2016 during which Shri Ankush Agarwal, Company Secretary represented the applicant. 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 initial time and was not wilful or with a 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 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 FEMA provisions issued in terms of 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 ` 7,23,78,400/- and the duration of contravention ranges from 11 days to 1 month 16 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 upto 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 FED M/s. Repal Renewables Pvt. Ltd. CA No. HYD 145 amount of Rs. 22,500/- (Rupees Twenty Two Thousand Five Hundred Only) will meet the ends of justice. 6. Accordingly, I compound the admitted contraventions namely, the contraventions of 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 Rs. 22,500/- (Rupees Twenty Two Thousand Five Hundred 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 03rd day of October 2016.

Sd/- (Ramanath Dash) Regional Director