India Cements says ED searches related to ‘normal course’ transactions

Published - February 02, 2024 08:07 pm IST - CHENNAI

India Cements on Friday said the search carried out by the officials from Enforcement Directorate on January 31 and February 1 was in relation to an investigation into certain foreign exchange transactions done in the normal course of business by India Cements Capital Limited (ICCL). ICCL is an associate company of The India Cements Limited.

The company, in a statement, further said: ICCL is an authorised dealer in providing forex services and has been providing these services to its clients complying with rules framed by Reserve Bank of India. “ICCL, being one of the associates of The India Cements Limited, ED officials raised certain queries with us and we have provided necessary clarifications to them,” the company mentioned in its statement.

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