The investigation under FEMA was taken up by ED based on a reference received from the Reserve Bank of India (RBI) to investigate advance remittances received by certain entities for the purchase of the shares of TMBL through escrow mechanism maintained with Standard Chartered Bank, Mumbai (SCB), ED said in a release. "The case was adjudicated by the Adjudicating Authority which is the Special Director, ED Southern Region. The penalty has also been imposed on the directors of the Board of TMBL, who approved the recording of the transfer of shares of TMBL. Accordingly, a penalty of ₹34 Crores has been imposed on Standard Chartered Bank for the contraventions. According to the agency, the penalty of ₹35 crore was also imposed on M.G.M.

Source: Mint September 11, 2020 13:41 UTC