The Enforcement Directorate (ED), on Thursday, carried out searches at two offices of Jindal Steel and Power Limited (JSPL), on a suspected foreign exchange violation case.
The ED sleuths raided JSPL's offices in Delhi and adjoining city of Gurugram in Haryana to reportedly lay their hands on evidence of any alleged violation of Foreign Exchange Management Act (FEMA). The officials, however, are not will to share the outcome of the searches.
JSPL, however, stated in an official statement that the ED visited both their offices “for seeking business-related information, which is being provided to them”.
"We would like to reiterate here that the company has an exemplary track record of corporate governance and disclosing the required information to the regulators and will continue to do so," Anoop Singh Juneja, Company Secretary and Compliance Officer of JSPL submitted before the National Stock Exchange of India Limited and BSE Limited.
The stocks of Jindal fell over 5 per cent following the ED action, which began on Thursday morning.