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FEMA Violations
The Enforcement Directorate on Friday conducted searches at the chit fund company premises of Kerala-based businessman Gokulam Gopalan, one of the producers of the movie "L2: Empuraan", as part of an alleged Rs 1,000 crore foreign exchange violation case, official sources said. The searches are being undertaken at five premises in various states, including in Chennai (Tamil Nadu) and Kochi (Kerala), under the provisions of the Foreign Exchange Management Act (FEMA), the sources said. The action is being undertaken against Gopalan and his company Sree Gopalan chit and Finance Co. Ltd. for alleged FEMA violations of Rs 1,000 crore with certain NRIs and some related "unauthorised" transactions, the sources. The agency is also understood to be analysing some "cheating" cases against the company for possible investigation under the anti-money laundering law. "L2: Empuraan", the second part of the "Lucifer" movie, a trilogy planned by the Prithviraj-Mohanlal team, has become a topic of h
The Enforcement Directorate has conducted searches at the offices of leading Chennai-based cement manufacturer-- India Cements Ltd.-- as part of a foreign exchange violation investigation, official sources said on Thursday. Two office premises in Chennai and one in Delhi were covered by the federal probe agency over the last two days, as per provisions of the Foreign Exchange Management Act (FEMA), the sources said. The probe pertains to the affairs of its associate company India Cements Capital Ltd (ICCL) and transfer of funds abroad worth about Rs 550 crore, they said. The role of some alleged dubious agents and directors are under the probe scanner of the ED, they said. An official comment from the company to a PTI query is awaited. Founded in 1946, the company said on its website that "while retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping, captive power and coal mining.
The ED has issued a fresh summons to senior Kerala CPI(M) leader Thomas Issac for questioning in a FEMA case linked to a probe into the alleged violations in the financial dealings of KIIFB during his tenure as the finance minister in the previous LDF government, official sources said Friday. The 71-year-old politician has now been asked to depose at the agency office in Kochi on January 22, they said. He was earlier called on January 12 but he did not turn up. The central agency in December had informed the Kerala High Court that it had withdrawn the summons issued to Isaac. The submissions were made during the hearing of a plea by Isaac and a KIIFB official alleging that only personal information was sought through the summons by ED and seeking quashing of the same. In view of the agency withdrawing the summons, the HC disposed of the petitions but at the same time, the court also said that the ED was free to continue with its investigation into the matter. ED sources said the f
The Enforcement Directorate on Tuesday searched the premises of Congress candidate from Telangana's Chennur seat Vivek Venkatswamy and some others as part of a foreign exchange violation probe, official sources said. They said the federal agency is undertaking the searches under the provisions of the Foreign Exchange Management Act (FEMA) in Chennur and Hyderabad, they said. The former MP, early this month, had resigned from the BJP and joined the Congress in the presence of party leader Rahul Gandhi in Hyderabad. With declared assets worth over Rs 600 crore, Vivek is the richest politician contesting the November 30 assembly polls in Telangana. Vivek and his wife own movable assets valued at Rs 377 crore, mostly shares in various companies, including his own Visaka Industries, which was founded in 1981. The family's immovable assets stood at over Rs 225 crore. According to the affidavit filed by him, Vivek and his wife have liabilities or loans worth Rs 41.5 crore. Vivek's annu
The BBC will cooperate fully with the Indian authorities, the UK-headquartered media organisation said on Thursday in response to reports from India of a new investigation launched by the Enforcement Directorate (ED) into alleged foreign exchange violations by the British public broadcaster. A spokesperson for the British taxpayer-funded licence fee-backed media corporation told PTI that the BBC would comply with its obligations for operating in India. The statement came in response to a query about reports that the ED has reportedly called for documents and statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA). "We will continue to cooperate fully with the Indian authorities to ensure that we comply with all our obligations, a BBC spokesperson said. According to official sources in Delhi, the ED probe is reportedly looking at purported foreign direct investment (FDI) violations by the company in India. It follows the Income-Tax (I-T)
US giant Amazon had asked Kishore Biyani-led Future Group to withdraw its complaint in CCI as the two discussed a possible end to bitter tussle over investments, according to sources. Also, the sources said, a possible exit of Amazon - which is contesting the deal between Future group and Reliance Retail - in lieu of compensation was also discussed. Officials of Amazon and Future Group had a meeting a couple of weeks back but the US firm maintained that any suggestion of it seeking compensation to end the tussle with Future is "misplaced and motivated". Amazon, during the meeting that also included Future Group promoter Kishore Biyani, had hinted towards an out-of-court settlement of the ongoing tussle by asking for the withdrawal of Future's complaint over alleged violation of the Foreign Exchange Management Act (FEMA) rules by misrepresenting facts before the Competition Commission of India (CCI), they added. Amazon had asked the Future Group to withdraw the complaint filed by ..