Notice issued to Apollo hospital for FEMA violation: LS told | delhi | Hindustan Times
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Notice issued to Apollo hospital for FEMA violation: LS told

The government today said the Enforcement Directorate has issued show cause notice for contravention of the Foreign Exchange Management Act to Apollo hospitals and its officials.

delhi Updated: Aug 13, 2010 22:58 IST

The government on Friday said the Enforcement Directorate has issued show cause notice for contravention of the Foreign Exchange Management Act to Apollo hospitals and its officials.

"The Directorate of Enforcement has issued show cause notice to Apollo Hospitals Enterprises Limited and its senior management on May 7, 2009, for contravention of the provisions of section 6(3) (b) of the Foreign Exchange Management Act, 1999.

"The proceedings under FEMA, 1999, are civil in nature," Minister of State for Finance SS Palanimanickam told the Lok Sabha on Friday in a written reply.

The minister was replying to a question on the details of investigations carried out and notice served by the ED against institutions in the health sector in the last three years.

Section 6(3)(b) of the FEMA empowers the RBI to regulate, prohibit, restrict the transfer or issue of any security by a person residing outside India.