The Enforcement Directorate (ED) on Tuesday carried out searches at premises which are linked to billionaire Anil Agarwal’s Vedanta Group as part of its probe into alleged violations of the foreign exchange management act (FEMA), officials said.
The searches at certain premises of the conglomerate, including in Delhi and Mumbai, were launched on Monday and continued on Tuesday, they added. The agency did not disclose the specific allegations or details of the raids, but officials familiar with the matter said the action was being taken under the under the civil provisions of FEMA, which regulates foreign exchange and cross-border transactions.
“An instance of Vedanta Resources, the London-based parent of Indian company Vedanta Ltd., refunding a part of the brand fee to the latter (Vedanta Ltd.) in 2023 is under the scanner. We are looking at some other structures of the group as well,” said an ED official, requesting anonymity.
ED’s action against the conglomerate comes a month after the board of the company secured approval from its creditors for a massive demerger plan to split into four independent companies.
{{/usCountry}}ED’s action against the conglomerate comes a month after the board of the company secured approval from its creditors for a massive demerger plan to split into four independent companies.
{{/usCountry}}A Vedanta spokesperson said in a statement: “We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage.”