The Appellant, an Indian Company, received FDI of INR 204 Crores through automatic approval route. The Company was required to file the Advance Remittance Form (ARF) within 30 days of receipt of FDI. The Company delayed in reporting of FDI to RBI by 24 days. Therefore, the penalty was imposed on the company of INR 20 Crores and on the directors of INR 5 Crores.