The record
Written from the 1 report below. Nothing here is unsourced.
- The Enforcement Directorate searched 16-17 premises across Kolkata, Delhi, and Bengaluru on Wednesday.
- Investigators are looking into potential Foreign Exchange Management Act violations involving the acquisition of McNally Bharat Engineering Company Limited.
- The agency is examining if the insolvency resolution process was used to circumvent Section 29A of the Insolvency and Bankruptcy Code.
- This investigation aims to determine if ineligible parties regained control of the company through the acquisition process.
What to watch next
- Results of the investigation into potential FEMA contraventions
- Official response from entities linked to the acquisition
- Legal findings regarding potential misuse of the CIRP process
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Named India · BTL EPC · McNally Bharat Engineering Company Limited · Enforcement Directorate · National Company Law Tribunal
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