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ED slaps ₹567cr fine on TN firm in FEMA probe
November 02, 2024
|The New Indian Express
THE Enforcement Directorate, Chennai, on Friday said it has slapped a penalty of ₹566.5 crore and ordered confiscation of properties worth ₹195 crore of Chennai-based GI Retail Private Ltd for violation of the Foreign Exchange Management Act (FEMA) in a case pertaining to transfer of shares of a company owned by it to German firm Wirecard through a Mauritius-based entity.
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The action was taken as per the order passed by an adjudication authority of the ED on October 30 based on its investigation into the sale of Hermes I Ticket Pvt Ltd (owned by GI Retail) to Mauritius-based Emerging Markets Investment Fund (EMIF), which in turn transferred the shares to Wirecard at an exorbitantly enhanced value.
هذه القصة من طبعة November 02, 2024 من The New Indian Express.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
هل أنت مشترك بالفعل؟ تسجيل الدخول
المزيد من القصص من The New Indian Express
The New Indian Express
Sebi sets ₹25 cr minimum trade size for block deals
CAPITAL markets regulator Sebi on Wednesday set the minimum block trade deal size limit of ₹25 crore, introducing two trading windows with tighter price limits and enhanced disclosure norms.
1 mins
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The New Indian Express
7 killed, 3 injured in AP cracker unit explosion
Six workers perished instantly, and one succumbed to injuries during treatment; the condition of injured also serious’
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The New Indian Express
Congress may get 57 seats, to spare two for new ally
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2 mins
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The New Indian Express
US hand? PM attacks Cong over 26/11 reply
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1 min
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B'desh armed with fresh belief and power
FOR a while, on a tense Tuesday night at the ACA Stadium in Guwahati, Nigar Sultana's Bangladesh had England on the ropes.
3 mins
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Attack on CJI reflects true face of fascism: Udhayanidhi
THE attack on the Chief Justice of India reflected the \"true face of fascism.\" Deputy Chief Minister and DMK youth wing secretary Udhayanidhi Stalin said on Wednesday.
1 min
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The New Indian Express
Testing battles await Harmanpreet and Co
With tough fixtures ahead, India will be hoping to produce their best
2 mins
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The New Indian Express
BJP mulls permanent national commission for denotified tribes
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1 min
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The New Indian Express
Sohrabuddin encounter: CBI accepts acquittal of all
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1 min
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The New Indian Express
K-POP TRACKS TO TUNE OUT TARIFF TINNITUS
Like India, South Korea is facing Trump's tariff threats and investment demands. At such a time, the East Asian nation is trying to get economically closer to India
4 mins
October 09, 2025
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