ED seizes late Anil Salgaocar’s shares over foreign exchange law violations
1 year, 4 months ago

ED seizes late Anil Salgaocar’s shares over foreign exchange law violations

Hindustan Times  

The Enforcement Directorate has seized late mining baron Anil Salgaocar’s shares for allegedly violating the Foreign Exchange Management Act. ED said Salgaocar owned iron ore mines in Goa and Karnataka. “These SPVs were not declared before Indian authorities and they acted as trading companies indulging in sale of iron ore produced in India to China which resulted in profit shifting outside India,” the ED said. “The same was not declared before the Indian authorities.” ED said Salgaocar contravened provisions of FEMA by acquiring foreign exchange and holding assets outside India.

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