Thomas Cook (India) Limited has received a favorable order from the Appellate Tribunal regarding ongoing litigation under the Foreign Exchange Management Act (FEMA). The Tribunal has partially allowed the appeal filed by the company and its officers, resulting in a reduction of the aggregate penalty amount. The penalty has been lowered from Rs. 61.6 million to Rs. 39.96 million, excluding previously deposited funds. The company maintains that this order has no material impact on its operations.
Tribunal Order Highlights
On May 11, 2026, Thomas Cook (India) Limited received the official order from the Appellate Tribunal. This development follows previous legal proceedings initiated against the company and its officers concerning specific sections of the Foreign Exchange Management Act, 1999.
Significant Penalty Reduction
The Tribunal’s decision marks a positive turn in the legal dispute, effectively reducing the financial liability for the company. While the original aggregate penalty stood at Rs. 61.6 million, the revised amount has been set at Rs. 39.96 million. It is noted that this figure excludes the Rs. 12.3 million that was already deposited by the company during the earlier stages of the proceedings.
Operational Impact
Despite the ongoing nature of these legal matters, the company has clarified that there is no material impact on its financial standing, day-to-day operations, or broader business activities. Thomas Cook (India) is currently conducting a detailed review of the order to determine its next steps and ensure full compliance with the updated directives.
Source: BSE
