The Enforcement Directorate (ED) has conducted search operations at two locations linked to the Vedanta Group in Delhi and Mumbai as part of an ongoing investigation under the Foreign Exchange Management Act (FEMA).
According to senior officials, the action is related to alleged “brand fee payments” made by group companies to their parent company. The investigating agency has seized documents and records related to the suspected transactions, which are now being examined under FEMA provisions.
Officials said the ED teams carried out searches at one location each in Delhi and Mumbai. Investigators are closely reviewing financial records and agreements connected to these payments to determine whether the transactions complied with foreign exchange regulations.
A spokesperson for the Vedanta Group stated that the company is fully cooperating with the investigation and providing all requested information. The spokesperson also said that the company remains committed to complying with all applicable laws and regulations.
Sources told IANS that ED officials will now analyze the documents collected during the searches before deciding on further action. However, the ED has not yet issued any official statement regarding the matter.
Meanwhile, Vedanta Limited recently informed stock exchanges that the Supreme Court delivered a verdict against its subsidiary Talwandi Sabo Power Limited (TSPL) in a case related to alleged misrepresentation of power availability. The company has reportedly been fined around ₹127 crore along with delayed payment surcharge.
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