New Delhi, June 2 -- The Enforcement Directorate (ED) on Tuesday raided the premises of the Anil Agarwal-led Vedanta group pertaining to alleged violation of the Foreign Exchange Management Act (FEMA) rules pertaining to royalty payments.
These searches pertain to a probe into the royalty payment made by Vedanta to its parent company, Vedanta Resources. The searches are being conducted at Vedanta offices in Mumbai and Delhi.
The development comes at a time when the company is in the process of implementing a demerger.
"We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulato...