![ED raids India Cements offices in Chennai, New Delhi over FEMA irregularities](http://media.assettype.com/thenewsminute%2F2024-02%2F3ecbbd5f-1eed-4d70-83a7-a1b4f477b93f%2FIndia_Cements_i.jpg?w=480&auto=format%2Ccompress&fit=max)
The Enforcement Directorate (ED) on Thursday, February 1, conducted raids at two offices of India Cements Ltd in Chennai. Sources told TNM that the raids were being carried out as India Cements were suspected to have violated The Foreign Exchange Management Act (FEMA), 1999. The ED had carried out raids on January 31 as well.
In a letter to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), India Cements said, “Certain Officials of the Enforcement Directorate visited our corporate office in Chennai on 31.01.2024 and 01.02.2024 and conducted a search to find out if any irregularities concerning FEMA. We have provided/undertaken to provide all the clarification/documents sought by them. We do not anticipate any material impact on the company with regard to the aforesaid investigation.”
According to PTI, the office of India Cements Ltd in New Delhi was also searched besides the two Chennai corporate offices. PTI also reported that the ED’s probe was in connection with India’s Cemant’s associate company India Cements Capital Ltd (ICCL) transferring funds, estimated around Rs 550 crore, abroad.
It was further reported that “dubious agents and directors” are also under the ED scanner.
India Cements Ltd, which holds around 29% stake in the Indian Premier League (IPL) cricket team Chennai Super Kings (CSK), is led by former Board of Control of Cricket in India (BCCI) chief N Srinivasan.