The Enforcement Directorate (ED) just lately seized immovable properties price Rs 22.02 crore belonging to Punjab-based Rana Sugars — owned by Kapurthala Congress MLA Rana Gurjit Singh, and his son and Sultanpur Lodhi MLA Inder Partap Singh — for the alleged violation of the International Trade Administration Act (FEMA).
“ED initiated investigation below the provisions of FEMA, 1999, towards M/s Rana Sugars Ltd, its promoters, Administrators & others in reference to (the) issuance of World Depository Receipts (GDRs) and non-utilisation of whole GDR proceeds for its meant bona-fide function,” the Central company mentioned in an announcement Thursday.
“ED investigation revealed that out of complete GDR receipts, M/s Rana Sugars Ltd didn’t repatriate (the) whole GDR proceeds to India and held GDR proceeds to the tune of $2.56 Million (Rs 22.02 crore) outdoors India in contravention of Part 4 of FEMA,1999. Additional investigation is below progress,” it added.
Earlier, the Securities and Trade Board of India (Sebi) imposed a penalty of Rs 63 crore on Rana Sugars for the alleged diversion of funds to its conduit and entities.
