Dealing with Gautam Adani was costly for Vedanta Group, ED raids Mumbai-Delhi offices.

ED Raids Vedanta Group Offices FEMA Investigation News: In a major action, ED has raided the offices of Vedanta Group in Mumbai and Delhi.

The investigating agency conducted raids and search operations at various premises linked to Vedanta Group in connection with the investigation into suspected foreign exchange violations and cross-border financial transactions under the Foreign Exchange Management Act (FEMA).

Experts say that the conflict with Adani Group regarding the fight for industrial supremacy has cost Vedanta Group and Anil Aggarwal. According to experts, the background of this action is related to a major legal defeat last month.

When the Appellate Court of Company Law had rejected the petition of Vedanta Limited, in which it had filed a petition against the bankrupt real estate company ‘Jaiprakash Associates Limited’ For, Gautam Adani’s group had raised objections to the successful bid.

Soon after this challenge was rejected by the court, now ED seems to be tightening its grip on Vedanta Group. NCLAT did not find any merit in the issues raised by Vedanta and dismissed both the petitions of Vedanta.

127 crore fine on TSPL

In another development, Vedanta Ltd informed the stock exchanges through a regulatory filing last month that the Supreme Court of India has ruled against its subsidiary Talwandi Sabo Power Ltd (TSPL) in an old case related to power availability. Under this, the company will have to pay a fine and late payment surcharge of approximately Rs 127 crore. Vedanta has also shared the information about this court order with complete transparency.

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Search operation in 2 premises

The Enforcement Directorate has completed the search operation at two premises linked to Vedata Group in Delhi and Mumbai, in connection with an ongoing routine investigation under FAMA, although the operation, which had started on Monday, has now completely ended. The action pertains to brand fee payments made by group entities to their parent company. ED teams reviewed financial records, agreements and other important documents at one location each in Delhi and Mumbai.