Rs 297-cr forex violations notice on Mumbai firm, other companies

Jul 23 2014, 02:59 IST
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SummaryThe total forex contravention is pegged at R297.07 crore, it said.

The Enforcement Directorate (ED) has slapped a R297-crore show-cause notice on a Mumbai-based pharma company and few other financial institutions for alleged forex violations.

The firm, Plethico Pharmaceuticals, has been found to be allegedly contravening RBI norms for funding its business transactions.

The ED has issued the show-cause notice under Foreign Exchange Management Act (FEMA). The contraventions are related to Foreign Currency Convertible Bonds (FCCB), a statement from the agency said.

The total forex contravention is pegged at R297.07 crore, it said.

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