RBI imposes monetary penalty on PAN Emami Cosmed Limited

Case Brief

RBI imposed a monetary penalty of ₹3.10 lakh on PAN Emami Cosmed Limited (formerly Midkot Investments Private Limited) for non-compliance with directions on credit / investment concentration norms. The violation sustained by RBI was a breach of the prescribed regulatory limit for credit exposure to a single group of parties. The penalty was issued under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934, following statutory inspection, a show-cause notice, and consideration of the company's reply and oral submissions.