NE BUSINESS BUREAU
CHENNAI, FEB 2
India Cements Capital Ltd being one of the associates of The India Cements Limited, ED Officials raised certain queries with us and we have provided necessary clarifications to them,” India Cements clarified in a statement on Friday.
The Enforcement Directorate (ED) conducted searches at the offices of India Cements on Wednesday and Thursday to check for any violations under the Foreign Exchange Management Act (FEMA).
The searches were carried out at the corporate office of India Cements in Chennai.
“Certain Officials from the Enforcement Directorate visited our corporate office in Chennai on January 31 and February 1, and conducted a search to ascertain if there were any irregularities concerning FEMA. The search by ED officials was in relation to an investigation into certain foreign exchange transactions done in the normal course of business by India Cements Capital Ltd, (ICCL), an associate company of The India Cements Ltd,” India Cements spokesman said.
He further clarified that “ICCL is an authorised dealer in providing forex services and has been providing these services to its clients complying with rules framed by Reserve Bank of India. ICCL being one of the associates of The India Cements Limited, ED Officials raised certain queries with us.”
“We have provided/undertaken to provide all the clarification/documents sought by them. We do not anticipate any material impact on the company with regard to the investigation,” the spokesman added.
