Nayara Energy, formerly Essar Oil, operates a 20 million tonne oil refinery at Vadinar in Gujarat and more than 4,473 petrol pumps across India. RBI imposed a penalty of ₹4.96 crore on the refiner after finding it guilty of violating the Foreign Exchange Management Act (Fema). Nayara Energy appealed RBI in April 2018 to quash the penalty. Law firm Cyril Amarchand Mangaldas is representing Nayara Energy while law firm Udwadia & Co is representing the central bank in the caseA Nayara Energy spokesperson declined to comment on the ground that the case was filed by the erstwhile management. Nayara Energy operates a 20 million tonne oil refinery at Vadinar in Gujarat and more than 4,473 petrol pumps across the country.

Source: Mint January 04, 2019 17:48 UTC