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Mahindra & Mahindra refutes reports of penalty for emission norms violations | Company Business News

Livemint

Livemint · 7m ago

Mahindra & Mahindra refutes reports of penalty for emission norms violations | Company Business News

Mahindra & Mahindra has refuted claims of facing penalties for not meeting emission norms in the 2022-23 financial year. The automaker clarified that no penalties have been imposed and it anticipates no significant financial liability. The claims were made in a report by The Indian Express, alleging that several carmakers, including Mahindra, exceeded fleet emission limits, potentially leading to penalties totaling ₹7,300 crore. Mahindra argued that the penalties should not be applied retrospectively and that it does not expect any liabilities for the mentioned time frame. The compliance issues are related to Corporate Average Fuel Efficiency (CAFE) norms.

Related News

RBI Slaps INR 5.39 Crore Penalty on Paytm Payments Bank for KYC Non-Compliance and Cybersecurity Violations

Business Bytes

Business Bytes · 1y ago

RBI Slaps INR 5.39 Crore Penalty on Paytm Payments Bank for KYC Non-Compliance and Cybersecurity Violations

The Reserve Bank of India (RBI) has imposed a penalty of INR 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and violations related to cybersecurity. This action highlights the RBI's commitment to maintaining the integrity and security of the Indian financial system. Paytm Payments Bank will need to undertake remediation efforts to address the issues raised by the RBI, ensuring compliance and enhancing cybersecurity measures. This penalty serves as a reminder to all financial institutions to uphold KYC norms and cybersecurity standards rigorously. The impact on customer trust will depend on the effectiveness of corrective actions taken.

Tata Motors to raise commercial vehicle prices by up to 3% from this October

Livemint

Livemint · 1y ago

Tata Motors to raise commercial vehicle prices by up to 3% from this October

Tata Motors is set to increase the prices of its commercial vehicles by up to 3% from October 1st. This is the third price hike by the company this year in order to offset the impact of rising post-input costs. The previous hikes were implemented in January and March to comply with new emission norms. The implementation of stricter emission norms has resulted in increased costs for automakers in India. In addition to this, Tata Motors is focused on expanding its presence in the electric vehicle market and intends to allocate $2 billion towards the development of battery-powered models by 2027.

RBI imposes penalty on Paytm Payments Bank

Economic Times

Economic Times · 1y ago

RBI imposes penalty on Paytm Payments Bank

The Reserve Bank of India (RBI) has imposed a penalty on Paytm Payments Bank for violating regulatory guidelines. The penalty has been imposed under the provisions of the Banking Regulation Act, 1949 for failing to adhere to certain operational norms and KYC (Know Your Customer) requirements. Paytm Payments Bank has been directed to pay a penalty of Rs 5 crore for non-compliance.

ED fines PC Financial over ₹2,100 crore for running loan app with China links

Inshorts · 9m ago

ED fines PC Financial over ₹2,100 crore for running loan app with China links

The Enforcement Directorate (ED) has imposed a penalty of ₹2,146 crore on PC Financial Services, a non-banking finance company (NBFC), for FEMA violations. PC Financial was allegedly running a loan app with links to some Chinese and Norwegian companies. It was involved in money-lending business via CashBean app and its overall control was held by Chinese owners, an investigation revealed.

Paytm refutes layoff reports as SVP Praveen Sharma steps down

Economic Times

Economic Times · 1y ago

Paytm refutes layoff reports as SVP Praveen Sharma steps down

One97 Communications, which owns Paytm, announced that Praveen Sharma, Senior Vice President - Business, has resigned from his position. Sharma is leaving to pursue new opportunities. Paytm also denied reports of a 25-50% reduction in workforce, stating that such claims are baseless and that they are currently in the process of annual appraisals. The company reaffirmed its commitment to growth and operational efficiency. Paytm remains dedicated to leading the digital payments and financial services industry in India.

Airtel faces Rs 6.48 lakh penalty for subscriber verification rule violation

Economic Times

Economic Times · 21d ago

Airtel faces Rs 6.48 lakh penalty for subscriber verification rule violation

The Department of Telecom has issued a Rs 6.48 lakh penalty notice to Bharti Airtel for alleged subscriber verification rule violations in Assam. Airtel, facing charges related to a CAF audit for March 2025, disputes the notice and plans to seek rectification or reversal. The company states that the maximum financial impact is the penalty amount. The telecom firm received the notice on June 25 from the Department of Telecommunications, Assam LSA.

RBI Slaps INR 87.5 Lakh Fine On Ola Financial For Flouting Norms

Inc42 · 11m ago

RBI Slaps INR 87.5 Lakh Fine On Ola Financial For Flouting Norms

The fintech arm of Ola, a ride-hailing company, has been fined INR 33.40 Lakh for not adhering to know your customer (KYC) norms. Additionally, a penalty of INR 54.15 Lakh was imposed for violating master directions on prepaid payment instruments (PPIs). The Reserve Bank of India (RBI) levied these fines under the Payment and Settlement Systems Act, 2007.

Cummins India battles stiff competition, export challenges

Livemint

Livemint · 1y ago

Cummins India battles stiff competition, export challenges

Cummins India Ltd saw a decline of 8% in its stock despite strong Ebitda growth in the last quarter. The company experienced growth in all segments, particularly in the data centre revenue segment. However, increased competition due to new emission norms and delayed export revival has raised concerns among investors. The company is already marketing products that comply with the new norms but may face pricing pressure and profitability issues if it cuts prices to maintain market share. Valuations appear to be high, with the stock trading at a 60 P/E ratio.

Hero Electric Agrees To Pay Penalties For FAME-II Violations

Inc42 · 9m ago

Hero Electric Agrees To Pay Penalties For FAME-II Violations

Hero Electric, an electric vehicle (EV) maker, has agreed to pay penalties for any violations or lack of compliance related to the EV subsidy scheme. The company has also requested the reversal of its blacklisting from receiving new EV incentives and the release of pending subsidies. Hero Electric is challenging the Ministry of Heavy Industries (MHI)'s demands for the return of subsidies worth INR 133 crore and additional interest over alleged violations of FAME II norms.

At ₹376, Paytm shares hit upper circuit for third straight session

Thehindubusinessline

Thehindubusinessline · 1y ago

At ₹376, Paytm shares hit upper circuit for third straight session

Shares of One97 Communications, the parent company of Paytm, surged 5% for the third consecutive session after the Directorate of Enforcement (ED) found no breaches of foreign exchange rules in its probe into Paytm Payments Bank. However, the central agency did identify lapses in KYC norms and suspicious transaction reporting. The news follows the ED's formal initiation of an investigation into alleged violations of foreign exchange rules by Paytm Payments Bank. Shares of One97 Communications have been impacted by regulatory scrutiny related to its payments bank business.

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