Case Brief
By an order dated March 25, 2025, RBI imposed a monetary penalty of ₹1.00 lakh on Mikhael Capitalize Pvt. Ltd., Kerala. The penalty was for non-compliance with RBI’s NBFC directions: the company failed to take prior written permission for a shareholding change exceeding 26% of paid-up equity capital, and it failed to intimate RBI within the prescribed timeline regarding the appointment of an independent director. RBI issued a show-cause notice, considered the company’s reply and oral submissions, and then sustained the charges under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- NBFC
- Location
- Kerala