The Madras High Court on Friday upheld the Rs 28 crore penalty levied on T.T.V.Dinakaran, nephew of AIADMK General Secretary V.K.Sasikala, in a Foreign Exchange Regulation Act (FERA) violation case.
The penalty was levied by FERA Appellate Board in 2000 and relates to deposit of large amounts of cash in his bank account held outside India and his failure to repatriate the same to India when AIADMK under late J.Jayalalithaa was in power in Tamil Nadu during 1991-96.
Originally the penalty was Rs 31 crore but it was subsequently reduced to Rs 28 crore on Dinakaran's appeal.
--IANS
vj/vd
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app