CHENNAI: Enforcement Directorate conducted a search of the office premises of India Cements here from Wednesday night in connection with foreign exchange irregularities, said reliable sources.
After searches at the leading cement manufacturers’ office wound up on Thursday morning, sources added that India Cements Ltd issued a communique to National Stock Exchange of India Ltd confirming the search.
“Certain officials of Enforcement Directorate visited our corporate office in Chennai on January 31 and February 1 and conducted a search to find out if there were any irregularities concerning Foreign Exchange Management Act. We have undertaken to provide all clarifications and documents sought by them. We do not anticipate any material impact on the company with regard to the aforesaid investigation,” said the communique.
Sources said a team of ED officials arrived at ICL’s office on Santhome High Road and verified digital documents of various transactions. The team left the premises in the early hours of Thursday, they added. The searches were restricted to the office premises and did not extend to houses of the stakeholders.
ED’s official statement on the searches and the background is awaited.
India Cements, founded in 1946, has retained cement as its mainstay over the years, but has also ventured into related fields including shipping, captive power and coal mining. The company, directly owned Chennai Super Kings, an Indian Premier League franchise, from 2008 to 2014, before it became a separate entity.
We have pledged to provide all clarifications and documents sought by them. We do not anticipate any material impact on the company with regard to the probe, the company said
After searches at the leading cement manufacturers’ office wound up on Thursday morning, sources added that India Cements Ltd issued a communique to National Stock Exchange of India Ltd confirming the search.
“Certain officials of Enforcement Directorate visited our corporate office in Chennai on January 31 and February 1 and conducted a search to find out if there were any irregularities concerning Foreign Exchange Management Act. We have undertaken to provide all clarifications and documents sought by them. We do not anticipate any material impact on the company with regard to the aforesaid investigation,” said the communique.
Sources said a team of ED officials arrived at ICL’s office on Santhome High Road and verified digital documents of various transactions. The team left the premises in the early hours of Thursday, they added. The searches were restricted to the office premises and did not extend to houses of the stakeholders.
ED’s official statement on the searches and the background is awaited.
India Cements, founded in 1946, has retained cement as its mainstay over the years, but has also ventured into related fields including shipping, captive power and coal mining. The company, directly owned Chennai Super Kings, an Indian Premier League franchise, from 2008 to 2014, before it became a separate entity.
We have pledged to provide all clarifications and documents sought by them. We do not anticipate any material impact on the company with regard to the probe, the company said
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