ED imposes penalty of Rs. 5 crore on Bank of Baroda

The Directorate of Enforcement has imposed a penalty of Rs.5.00 crore under Section 13(1) of FEMA 1999 on Bank of Baroda for contravention of provisions of Section 10(5) of FEMA, 1999, for allowing remittance of the proceeds towards the interest payment of CCD in the account of M/s. Amrapali Silicon City Pvt. Ltd.

The Bank is examining the order for future course of action.

Shares of Bank Of Baroda was last trading in BSE at Rs. 78.1 as compared to the previous close of Rs. 81.15. The total number of shares traded during the day was 3317913 in over 14242 trades.

The stock hit an intraday high of Rs. 83 and intraday low of 77.55. The net turnover during the day was Rs. 266028542.

Source : Equity Bulls

Keywords