
ED files FEMA complaint against SIMPL over Rs 913 crore FDI violation
The enquiries in the matter were initiated on the basis of credible information that SIMPL has received a substantial amount of Foreign Direct Investment (FDI) from the US, allegedly in violation of the extant FDI policy, the ED statement said.
The ED investigation under the provisions of the FEMA revealed that the firm runs its business through mobile application named SIMPL. It provides Buy Now Pay Later services which allowed its customer to buy now and pay later in instalments, the ED said.
Further, it was learnt that One Sigma Technologies Pvt Ltd received FDI to the tune of Rs 648,87,76,480 and issued Convertible Notes to the tune of Rs 264,88,11,582 under the 100 per cent automatic route by declaring its business activity as "Benefits of Information Technology and other computer service activities", the ED said.
"During the course of investigation under FEMA, 1999, the business model and revenue generation model of M/s One Sigma Technologies Pvt Ltd were examined, and the same revealed that M/s One Sigma Technologies Pvt Ltd is into the business activities which fall under financial activities."
"However, as per circular, dated October 20, 2016, issued by the RBI, FDI in financial activities not regulated by any authority is to be brought under the 100 per cent approval route. Further, in activity where government approval is necessary for receiving FDI, any startup company can issue convertible notes only with the approval of the government of India. However, M/s One Sigma Technologies Pvt Ltd has issued convertible notes without obtaining any approval from the government of India," the ED said.
"M/s One Sigma Technologies Pvt Ltd (SIMPL) has received FDI under automatic route and issued convertible notes under automatic route without obtaining prior approval from the government of India and thereby contravened the provisions of FEMA, 1999, collectively to the tune of Rs 913,75,88,062 and rendered itself liable to be proceeded under section 13 of FEMA, 1999."
"In view of the above, a complaint under section 16 (3) of FEMA, 1999 is filed before the Adjudicating Authority under FEMA," the ED added.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Indian Express
20 minutes ago
- Indian Express
Maareesan movie review: Fahadh Faasil, Vadivelu anchor this flawed comedy thriller
Maareesan movie review: If one were to make a list of the most disgustingly problematic Malayalam movies of all time, Villali Veeran (2014) would be a strong contender for the top spot from the last decade. While most films from that era featuring Dileep — accused of masterminding the sexual assault of a fellow actor in 2017 — were imbued with repugnant tropes, Villali Veeran stood out as the first among equals. Besides being an extremely shoddy film overall, it was loaded with high amounts of misogyny, and not to mention the many, many rape 'jokes'. Hence, when its director, Sudheesh Sankar, makes a comeback as a filmmaker after a decade, it's not unreasonable to have reservations about the movie. But considering that Maareesan features Fahadh Faasil and Vadivelu, can we afford to ignore it either? Soon after his release from prison, Dhayalan (Fahadh) returns to thievery and is on the hunt for something big, so that he doesn't have to waste time stealing small items like mobile phones, purses containing only a little cash, and bikes parked at movie theatres anymore. As a part of this plan, he breaks into a house that night where he meets an ageing man, Velayudham Pillai (Vadivelu), chained to a window. Scared by Dhaya's threat, Velayudham tells him that there's no money at home, but promises to pay him by making a withdrawal from an ATM. Meanwhile, the old man reveals to the thief that he suffers from the early stages of Alzheimer's disease, which is why his son has handcuffed him to the window. At the ATM, Dhayalan notices that Velayudham has about Rs 25 lakh in his account. After paying some money to Dhaya, Velayudham decides to leave for either his daughter's place in Palakkad or his friend's in Thiruvannamalai. Assuring to drop him where he wanted on his bike, Dhaya takes the old man along, although his eye is only on the money. However, hurdles start cropping up in his path as Velayudham forgets the ATM PIN and even details about his life, with the elderly man sometimes mistaking Dhaya for his son Kumar. Nonetheless, the thief remains determined. As the movie progresses, though, we start getting the feeling that there's more to Velayudham than we see. Is he hiding something from us? Above all, who is he actually? For a movie titled Maareesan — a rakshasa character in the Hindu epic of Ramayana, who served as an ally of Ravana and played a key role in the kidnapping of Sita — it wastes an awful lot of time disguising itself as a fun comedy wherein the fate of a thief and his loot hinges on the mercy of the victim. Considering that the film's named Maareesan, it's almost impossible to believe that this storyline forms its core. Regardless, writer V Krishna Moorthy and director Sudheesh Sankar make the movie circle around a single focal point for so long that it becomes tiring soon. What makes it worse is that, when Maareesan shifts to a higher gear, Sudheesh fails to give it the dramatic elevation it requires, at least to jolt awake those viewers who might have dozed off. Instead, that entire portion of revealing a part of Velayudham Pillai's real identity, in the scenes leading up to the interval, is treated as if it isn't a big deal, thus wasting a good opportunity to showcase a genre shift well. Although Maareesan, under a different title and by taking a different narrative route, could have been something as heartwarming and amazing as director Barry Levinson's Rain Man (1988) — especially considering that Vadivelu and Fahadh are able to seep into the characters' souls effortlessly and the chemistry between them is spectacular, much like the case of Dustin Hoffman and Tom Cruise in the Hollywood movie — it is denied the opportunity to utilise that potential. And this happens primarily because the movie, after a point, swerves into the thriller territory and the hollowness that existed in the writing from the start — which we didn't notice initially because we were too occupied soaking in the charming chemistry that the lead two actors were creating — becomes too evident. What further detracts from the experience is the soap opera-ish kind of making style director Sudheesh Sankar has adopted — mirroring the many TV serials he has directed over the years — with the climax ending up as the most-affected sequence. Featuring a fight that makes us question our visual perceptual skills, simply because it's been choreographed and paced in an extremely odd manner, the climax almost ruins the few good things about Maareesan, which is ultimately saved by the lead duo. In fact, that can be said about pretty much the entire movie, with Fahadh and Vadivelu becoming the ones doing all the heavy lifting while Sudheesh and Krishna Moorthy, among most others, just watch with the cameras on. Despite this being the third time that he plays a complete thief (not just a character involved in fraudulent activities) — after Thondimuthalum Driksakshiyum (2017) and Vettaiyan (2024) — Fahadh ensures that Dhaya is nothing like Prasad or Battery. His ability to deeply dive into a narrative and fully immerse himself in a character, without relying on stock emotions or clichéd body language tied to the character's occupation, is evident here as well. His mastery as an actor is most visible in scenes where he is consuming liquor, and the way Dhaya's drunkenness progresses in an organic manner, devoid of cliches, is nothing short of splendid. Although Dhaya cannot be called even one of his best, what works in his favour here is the combination with Vadivelu. As if one is the Yin to the other's Yang, they not only complement each other's performances but also elevate and inspire one another to push beyond their limits. Even the most mundane conversations between Dhaya and Velayudham, deadened by mediocre dialogues and lazy writing (which gets worse in the second half), never lose our attention because it's a delight to watch the two's rapport unfold. Despite the character suffering from poor writing, Vadivelu's handling of Velayudham is nothing short of extraordinary. The way the innate innocence in his face translates into the character's blank stares is a sight to behold. Much like the comedic bits, he also excels at portraying the other shades of Velayudham — be it distress, sadness or even moments of villainy — with ease. It was also very satisfying to hear him singing again. On the technical front, Yuvan Shankar Raja knocks it out of the park with the background score and the tracks, contributing significantly to Maareesan's overall quality. Dinesh Manoharan's costume design and Abdul's makeup also deserve praise. Nonetheless, what truly drives the final nail into the film's coffin is the way Sudheesh Sankar and Krishna Moorthy have handled the core subject of child sexual abuse. Despite it being a sensitive matter, it's simply thrown into the narrative and dealt with in an extremely superficial and amateur manner, even to the extent that it prompts us to wonder if the makers really had good intentions while deciding to use it as the movie's crux. Much like most films directed by men and revolving around themes like rape and assault, Maareesan also completely invisibilises the victims and survivors and turns it into yet another male-saviour narrative. The erasure of victims is so blatant that the only time they are shown on screen is to give viewers a glimpse of the trauma they went through, to justify the actions of Velayudham. It's as if they had no existence before the crime they faced or an identity beyond that. Besides making Velayudham and Dhaya say dialogues denouncing child sexual abuse and the need for stringent punishments for the perpetrators, the film as a whole doesn't contribute to that cause, and hence, the lines eventually come across as performative. For a person to transform, realising their past mistakes and problematic mindsets, thus registering character growth, is totally plausible. So, the possibility that the same Sudheesh Sankar who made the atrocious Villali Veeran could have undergone a change of heart and chosen to make a film about child sexual abuse was not out of the question. However, the way the topic has been woven into Maareesan and handled makes one wonder, did he really mean to condemn it? Or was he simply and shamelessly playing to the gallery both times? First, by creating a misogynistic monolith when such harmful portrayals were normalised, and now, by making a film about child sexual abuse at a time when socially conscious cinema is in the spotlight. Maareesan movie cast: Fahadh Faasil, Vadivelu, Kovai Sarala, Vivek Prasanna, Sithara Maareesan movie director: Sudheesh Sankar Maareesan movie rating: 2 stars Anandu Suresh is a Senior sub-editor at Indian Express Online. He specialises in Malayalam cinema, but doesn't limit himself to it and explores various aspects of the art form. He also pens a column titled Cinema Anatomy, where he delves extensively into the diverse layers and dimensions of cinema, aiming to uncover deeper meanings and foster continuous discourse. Anandu previously worked with The New Indian Express' news desk in Hyderabad, Telangana. You can follow him on Twitter @anandu_suresh_ and write (or send movie recommendations) to him at ... Read More


The Hindu
20 minutes ago
- The Hindu
India's first hydrogen-powered train coach successfully tested at ICF Chennai: Union Minister Ashwini Vaishnaw
Union Railway Minister Ashwini Vaishnaw on Friday (July 25, 2025) announced that the Indian Railways has successfully tested the country's First hydrogen-powered coach at the Integral Coach Factory (ICF) in Chennai. According to the Minister's social media X post, the country is working on a 1,200 horsepower hydrogen train, which will help India to place itself amongst the leaders in hydrogen-powered train technology ."First Hydrogen powered coach (Driving Power Car) successfully tested at ICF, Chennai. India is developing 1,200 HP Hydrogen train. This will place India among the leaders in Hydrogen powered train technology," Mr. Vaishnaw posted on 'X' .In 2023, Mr. Vaishnaw informed Rajya Sabha that Indian Railways has envisaged running 35 Hydrogen trains under "Hydrogen for Heritage" at an estimated cost of ₹80 crore per train and ground infrastructure of Rs 70 crore per route on various heritage and hill routes. Additionally, the Indian Railways has also awarded a pilot project for retrofitment of a Hydrogen Fuel cell on an existing Diesel Electric Multiple Unit (DEMU) rake along with ground infrastructure at the cost of ₹111.83 crores, which is planned to be run on the Jind-Sonipat section of Northern Railway. The running cost of a Hydrogen fuel-based train is not established in IR scenario. It is estimated that the initial running cost of the Hydrogen fuel train set will be higher, which will subsequently reduce with an increase in the number of trains. Further, the use of Hydrogen as fuel provides larger benefits in the direction of green transportation technology to support zero carbon emission goals as a clean energy source. Last year, in a significant step towards promoting sustainable transportation solutions, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, showcased India's advancements in green hydrogen mobility by demonstrating a hydrogen-fuelled bus powered by India's oil PSU Indian Oil to the Prime Minister of Bhutan, Shri Tshering Tobgay and his delegation.


The Hindu
20 minutes ago
- The Hindu
Delhi court dismisses money laundering case against Ratul Puri, Moser Baer and 11 others
The Rouse Avenue Court has dismissed a money laundering case against businessman Ratul Puri, Moser Baer India Limited, and 11 other accused persons, following their discharge in the main case registered by the Central Bureau of Investigation (CBI). Special Judge (CBI) Sushant Changotra on Thursday (July 24) dismissed the Enforcement Directorate's complaint against Moser Baer India Limited, Ratul Puri, Rajiv Agarwal, Rajiv Saksena, Shivani Saksena, Ajit Singh Bubber, M/S Tanay Holding Ltd., M/S Matrix Group Limited, M/S Pacific International FZC, M/S Tiramisu Holdings INC, M/S Midas Metals International LLC, M/S Indian Hydro Electric Power Pvt Ltd. And M/S Hindustan Power Projects Pvt Ltd. Special Judge stated, "Thus, in view of the aforementioned facts and settled proportion of law, I am of the considered opinion that the offence under section 3 read with section 70 and punishable under section 4 of PMLA does not survive." 'Accordingly, the present complaint is dismissed. The proceedings of this complaint case stand closed,' Special Judge Changotra ordered on July 24. However, the court added that ED would be at liberty to reopen proceedings if the discharge order dated May 24, 2025, is set aside by a higher court. The present complaint case arose out of a predicate offence registered by the CBI vs. M/s Moser Baer India Ltd. & Ors under section 120-B, 420, 468 & 471 IPC and section 13 (2) r/w 13 (1) (d) of the Prevention of Corruption Act, 1988. Advocate Vijay Agarwal, appearing for Ratul Puri, argued that under Section 3 of the PMLA, the existence of 'proceeds of crime' is a sine qua non (an essential condition) for prosecuting a money laundering offence. Since the Special CBI Court had already discharged all the accused on May 24, 2025, the money laundering charges could not stand. The court also considered the ED's arguments that the discharge order was not final until appeal, and references to the Supreme Court's pending review in ED vs. Gagandeep Singh, but held that such contentions had been exhaustively dealt with by the Delhi High Court.