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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Singapore’s Temasek disappointed with CCI fine

Posted on 19 August 2013

Slapped with a Rs 50-lakh fine for late filing of an application with fair trade regulator CCI, Singapore government’s investment arm Temasek says it is “disappointed” and will take steps after studying the order. “Given the circumstances, Temasek is naturally disappointed with the decision, but respects the Commission’s decision under Indian law. Temasek will study the decision, and will take the necessary actions to follow up as needed,” the Singaporean sovereign investor said.
The fine of Rs 50 lakh was imposed on Temasek Holdings and its two subsidiaries for delayed submission of a mandatory application to the Competition Commission of India (CCI) with regard to a proposed acquisition of shares from DBS Group………………………………………..Full Article: Source


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