The Enforcement Directorate (ED) has not imposed any penalty or restriction following searches conducted at Vedanta’s premises, the company said on Thursday.
On Tuesday, the ED had initiated action into alleged foreign exchange violations by the Vedanta Group as sleuths carried out searches at several company premises under the Foreign Exchange Management Act (FEMA).
The searches were conducted at four locations linked to Vedanta Ltd., including offices in Delhi, Mumbai and Udaipur, Rajasthan. The agency, however, has not disclosed the specific nature of the alleged violations by the company.
Confirming the ED action, a Vedanta spokesperson said the company was fully cooperating with the authorities According to officials, through the FEMA probe they are examining certain foreign exchange transactions involving Vedanta Group entities. One of the transactions under scrutiny relates to a partial refund of brand fees by London-based Vedanta Resources, the parent company of Vedanta Ltd., to its Indian subsidiary in 2023, they said.
“There is no impact on financial, operation or other activities of the company,” the miner said today.