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.
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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
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