Enforcement Directorate Searches Vedanta Premises, Claims 'FEMA Violations'

New Delhi: The Enforcement Directorate has searched premises linked to global mining conglomerate Vedanta Group over a reported foreign exchange “violation”, its officers told reporters on June 2.

According to ED officials quoted by PTI, Vedanta premises located in Delhi and Rajasthan, in addition to other locations, were searched in connection with the Foreign ​Exchange Management Act case.

A Vedanta spokesperson was quoted as having said that the Group was extending full cooperation to the authorities and providing all information sought. "The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage," the spokesperson was quoted as having said.

In late March, Vedanta promoter Anil Agarwal said in a post on social media that Vedanta had received written confirmation that it had won a bid for a Jaypee Group asset, but that this decision was subsequently reversed – in favour of Adani Group, whom he did not name in the post. Shortly after this post, Vedanta moved the Supreme Court, seeking a stay on the resolution plan submitted by the Adani Group for the Jaypee Group’s assets.

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