Case Brief
By an order dated September 15, 2023, RBI imposed a monetary penalty of Rs 1.70 lakh on West End Housing Finance Limited, Mumbai, Maharashtra. The penalty was imposed for non-compliance with NHB directions on approval of acquisition or transfer of control and RBI directions applicable to NBFC-HFCs. RBI noted that the company’s annual report for FY2020-21 revealed failure to obtain prior written permission for changes in shareholding, causing shareholding to be transferred beyond the permitted limit. After reviewing the company’s reply and oral submissions, RBI held the contravention substantiated and imposed the penalty under the National Housing Bank Act, 1987.
Action Snapshot
- Primary Impact
- Fine: Rs 1.70 L
- Entity Type
- NBFC
- Location
- Mumbai, Maharashtra