NewsAppellate Tribunal Under SAFEMA Reduces Thomas Cook India's FEMA Penalties from Rs. 61.6 Million to Rs. 39.96 MillionAppellate Tribunal Under SAFEMA Reduces Thomas Cook India's FEMA Penalties from Rs. 61.6 Million to Rs. 39.96 Million
The Appellate Tribunal Under SAFEMA at New Delhi has partially allowed the appeals of Thomas Cook (India) Limited and its officers, reducing aggregate penalties from Rs. 61.6 million to Rs. 39.96 million, excluding an earlier deposited aggregate amount of Rs. 12.3 million. The violations relate to Section 10(4), Section 10(5), and Section 3(a) of the Foreign Exchange Management Act, 1999. The company received the order on May 11, 2026, and has confirmed no material impact on its financials or operations. Thomas Cook India is currently reviewing the order to determine the appropriate course of action.
*this image is generated using AI for illustrative purposes only.
Thomas Cook (India) Limited has received a partial relief from the Appellate Tribunal Under SAFEMA at New Delhi, which has reduced the aggregate penalties levied against the company and its officers in connection with violations under the Foreign Exchange Management Act, 1999 (FEMA). The company received a copy of the order on May 11, 2026, pursuant to its earlier intimations dated July 23, 2024 and April 23, 2025. The disclosure has been made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Tribunal Order: Key Details
The Appellate Tribunal Under SAFEMA partially allowed the appeals filed by Thomas Cook India and its officers, resulting in a meaningful reduction in the aggregate penalty amount. The order covers alleged contraventions under Section 10(4), Section 10(5), and Section 3(a) of FEMA. The following table summarises the key particulars of the regulatory action:
| Parameter: | Details |
|---|---|
| Authority: | Appellate Tribunal Under SAFEMA, New Delhi |
| Date of Order Receipt: | May 11, 2026 |
| Nature of Action: | Partial allowance of appeals filed by the company and its officers |
| Violations Alleged: | Section 10(4), Section 10(5), and Section 3(a) of FEMA, 1999 |
| Original Aggregate Penalty: | Rs. 61.6 million |
| Revised Aggregate Penalty: | Rs. 39.96 million |
| Earlier Deposited Amount: | Rs. 12.3 million (excluded from revised penalty) |
Financial and Operational Impact
Thomas Cook India has stated that the order has no material impact on its financials, operations, or other activities. The company is presently reviewing the order in detail and will determine and implement the appropriate course of action upon completion of this evaluation, in accordance with applicable requirements.
Regulatory Disclosure Background
The disclosure has been made in compliance with Clause 20 of Para A of Part A of Schedule III and Clause 8 of Para B of Part A of Schedule III of Regulation 30 of the SEBI Listing Regulations, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The filing was signed by Amit J. Parekh, Company Secretary & Compliance Officer of Thomas Cook India.
Historical Stock Returns for Thomas Cook
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.39% | +4.05% | -10.48% | -37.74% | -33.97% | +104.18% |
Will Thomas Cook India challenge the remaining revised penalty of Rs. 39.96 million in a higher court, and what is the likelihood of further reduction?
How might repeated FEMA-related regulatory actions affect Thomas Cook India's ability to conduct foreign exchange operations and its competitive positioning in the travel and forex business?
Could this partial penalty relief signal a broader trend of appellate tribunals revisiting FEMA enforcement actions against travel and forex companies in India?
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