 "Enforcement directorate")
The Enforcement Directorate (ED) on Wednesday said it has seized Mack Soft Tech Private Limited (MSTPL)-owned Q-City Tech Park consisting of 2,500 square yards of land and about 245,000 square feet of office building space in Hyderabad, cumulatively worth Rs 86.38 crore.
The seizure of Mach Soft Tech's assets was done under the provisions of Section 37A of Foreign Exchange Management Act, 1999 (FEMA), in lieu of foreign assets illegally held abroad in contravention of Section 4 of FEMA, according to ED. The seized tech park is situated in Gachibowli IT corridor in the city.
ED initiated the investigation on
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