The sleuths of the Enforcement Directorate inspected Indian Cements’ corporate office premises on Wednesday and Thursday as part of a FEMA violation investigation.
Certain officials of the Enforcement Directorate visited our Corporate Office in Chennai on January 31, 2024, and February 1, 2024, and conducted a search to find out if any irregularities concerning FEMA, the company said in a filing to stock exchanges.
The company has provided/undertaken to provide all the clarification/documents sought by the officials.
We do not anticipate any material impact on the company regarding the aforesaid investigation, it said.
Meanwhile, it was also gathered that the inspection pertained to the affairs of its associate company India Cements Capital Ltd (ICCL), and the transfer of some funds abroad.
The 39-year-old ICCL is primarily engaged in buying and selling foreign currencies. In FY23, it reported a turnover of ₹208 crore and a profit after tax of ₹0.70 crore.
India Cements’ stock declined by about 7 per cent on the BSE, trading at approximately ₹243.