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Inc42
| 11dIRDAI Imposes INR 1 Cr Penalty On IPO-Bound Go Digit
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of INR 1 Cr on Go Digit General Insurance for not disclosing a change in the conversion ratio of preference shares. The company has been instructed to deposit the penalty within 45 days. This penalty is related to the issuance of compulsorily convertible preference shares by Go Digit's parent company to FAL Corporation. Despite amending the joint venture agreement and disclosing it in their filing, the company failed to provide complete details of the revision, violating the Insurance Act. FAL Corporation owns a 45.3% stake in Go Digit.
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