The Enforcement Directorate (ED) has conducted searches at the premises of leading cement manufacturing and supplying firm, India Cements, in Chennai. The searches were carried out on Wednesday, January 31, and Thursday, February 1, 2024.
Sources in the ED said the searches were held to find out if there were any irregularities by the company under provisions of The Foreign Exchange Management Act (FEMA), 1999.
Meanwhile, India Cements has informed the stock exchanges that certain officials of the ED visited its corporate office in Chennai on January 31 and February 1 and conducted a search to check for irregularities under 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,” the company said in its communication to the stock exchange.