ED imposes ₹80 crore penalty on Magma HDI, 2 former promoters

ED imposes ₹80 crore penalty on Magma HDI, 2 former promoters

ED imposes ₹80 crore penalty on Magma HDI, 2 former promotersDec 24, 2021, 09:32 AM IST

The Enforcement Directorate (ED) has penalised Magma HDI General Insurance Company and two of its former promoters ₹80 crore for breaching the foreign investment limit for the sector when the insurer raised Rs 210 crore in 2012.

Govt asks banks to share details of 'interest on interest' chargedDec 23, 2021, 11:53 PM IST

An official confirmed the development and said that information has been sought on the methodology used for calculating the amount to be refunded or adjusted for different facilities.

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