Vedanta Limited on Thursday said the recent search operation conducted by the Directorate of Enforcement (ED) under the Foreign Exchange Management Act (FEMA) has had no impact on its financial, operational or other business activities, while clarifying that no penalty or restriction has been imposed on the company.
“This search had been conducted under the provisions of the Foreign Exchange Management Act, 1999,” Vedanta confirmed in their exchange filing.
In a regulatory filing, Vedanta said the ED’s search operation at its premises began on June 1 at 12:15 pm and concluded on June 3 at 9:55 pm as part of an investigation under FEMA.
The company said the search was conducted under the provisions of the Foreign Exchange Management Act, 1999, and that its officers provided all necessary information, documents and clarifications sought by the agency during the course of the investigation.
Importantly, Vedanta said no penalty, restriction or sanction has been imposed pursuant to the communication from the enforcement agency. It also stated that there is no impact on the company’s financial, operational or other activities.
The disclosure comes days after group company Hindustan Zinc Limited informed stock exchanges that the ED had conducted search operations at its premises between June 1 and June 3 under FEMA.
