The Enforcement Directorate has searched two premises linked to the Vedanta Group in Delhi and Mumbai as part of an investigation under the Foreign Exchange Management Act, according to a senior agency official on Tuesday.
The searches relate to alleged brand fee payments made by group entities to their parent company, the official said, adding that the investigators collected documents and records linked to the transactions being examined under FEMA provisions.
"ED teams searched one location each in Delhi and Mumbai. The operation began on Monday and has now concluded," the official said.
The investigation is examining payments made for brand usage and whether those transactions complied with foreign exchange regulations. Authorities are reviewing financial records and agreements connected to the payments.
"We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations.," Vedanta Spokesperson said in a statement, declining to comment further. The ED has not issued an official statement on the action.
Sources indicated that the operation has now concluded and the officials will now analyse the documents and records collected during the operation before deciding on the next steps in the matter. Further details are awaited as investigators review the materials collected.
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