Hindustan Zinc Limited on Wednesday disclosed that the Directorate of Enforcement conducted search operations at its premises between June 1 and June 3 as part of an investigation under the Foreign Exchange Management Act, 1999 (FEMA), while parent Vedanta Limited said it is fully cooperating with authorities.
“This search had been conducted under the provisions of the Foreign Exchange Management Act, 1999,” Hindustan Zinc said in its exchange filing.
Read More: ED visits Vedanta, Hindustan Zinc offices; company says extending full cooperation
In a stock exchange filing, Hindustan Zinc said the Enforcement Directorate’s search operation commenced on June 1 and concluded at 4:10 a.m. on June 3. The company said the action was carried out under FEMA provisions and that its officials provided all information, documents, and clarifications sought by investigators.
Separately, Vedanta informed exchanges on Tuesday that an Enforcement Directorate team had visited certain offices of both Vedanta and its subsidiary Hindustan Zinc. The mining conglomerate said it was extending full cooperation to authorities and furnishing all information sought during the ongoing proceedings.
