Temasek fined by Indian regulator after following advice of its legal advisors in India

The Economic Times, 18 Aug 2013
NEW DELHI: 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.
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.
The application by Temasek's two indirect wholly owned subsidiaries, Zulia Investments and Kinder Investments, was filed after a staggering delay of 399 days.
"Temasek had originally been advised by its legal advisors in India that no filing was required for the DBS-Danamon transaction, and had acted in good faith based on legal advice," its Managing Director (Corporate Affairs) Stephen Forshaw told PTI in reply to e-mailed queries. Full story

  1. Singapore's Temasek says disappointed with CCI penalty - Business Standard
  2. Singapore’s Temasek disappointed with CCI fine - The Hindu Business Line
  3. Singapore''s Temasek says disappointed with CCI penalty - MSN India

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