India Cements share price plunges over 8% after ED search
The Enforcement Directorate (ED) on Thursday conducted searches at premises linked to India Cement, headed by former BCCI Chairman N Srinivasan. The searches are being conducted for FEMA (Foreign Exchange Management Act) violations by the company and its promoters of around Rs.500 crores.
Two office premises in Chennai and one in Delhi were covered by the probe agency over the last two days, as per provisions of the Foreign Exchange Management Act (FEMA), said officials. The probe pertains to the affairs of its associate company India Cements Capital Ltd (ICCL) and the transfer of funds abroad worth about Rs.550 crore. The 39-year-old ICCL is primarily engaged in buying and selling foreign currencies. In FY23, it reported a turnover of Rs.208 crore and a profit after tax of Rs.70 lakhs.
The role of some alleged dubious agents and directors are under the probe scanner of the ED, they said. India Cements’ Srinivasan owns the cricket IPL team Chennai Super Kings. Earlier, Srinivasan’s son-in-law Gurunath Meyyappan was embroiled cricket betting controversy. Srinivasan was dragged into a CBI probe during the Congress regime in 2013 in connection with India Cements’ factory in Andhra Pradesh. It was widely believed that the Congress regime was charging cases against the YSR regime after his son Jagan Reddy left Congress.
Shares of India Cement were trading at Rs.239.40, down by 8.40 percent, at 10.50 AM, after the news of ED search came out in public domain.
For all the latest updates, download PGurus App.
- Supreme Court rejects plea to tally all VVPAT slips with EVM votes; says ‘no going back to paper ballot’ - April 26, 2024
- US report citing human rights violations is deeply biased: India - April 25, 2024
- Kotak Mahindra Bank shares tank 13%. Market Cap erodes by Rs.37,721 cr post-RBI action - April 25, 2024
India Cements are known to be corrupt i.e. all are mining scamsters. Mining is one segment where nothing is quantified, if quantified, it is only money.
Another HARISHCHANDRA under scanner.