Cement News

india cements ED raid: Provided necessary clarifications to ED during searches: ICCL



India Cements Capital Limited (ICCL), an associate company of leading cement manufacturer India Cements Ltd, on Saturday said it has provided necessary clarifications to the Enforcement Directorate that searched its office as part of an investigation into certain foreign exchange transactions. The central agency searched two premises of the group, promoted by industrialist and former BCCI President N Srinivasan, in Chennai and one in Delhi on January 31 and February 1.
India Cements Ltd. also owns the Chennai Super Kings (CSK) T-20 cricket franchise.

“The search by ED officials was in relation to an investigation into certain foreign exchange transactions done in the normal course of business by India Cements Capital Ltd, (ICCL), an associate company of The India Cements Ltd.”

“ED officials raised certain queries with us and we have provided necessary clarifications to them,” an ICCL statement said.

It said ICCL is an authorised dealer in providing forex services and has been providing these services to its clients complying with rules framed by the Reserve Bank of India.

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