New Delhi: Reliance Infrastructure Ltd on Tuesday said the Enforcement Directorate (ED) has placed a lien of ₹77.86 crore on the company’s bank accounts in connection with an ongoing probe into alleged violations under the Foreign Exchange Management Act (FEMA).
In a regulatory filing, the company informed stock exchanges that it received the order from the ED earlier in the day. “The Company has today received an Order from ED whereby it has placed lien in the Company’s bank accounts for ₹77.86 crore in relation to alleged violations under FEMA,” Reliance Infrastructure said in its disclosure.
The Anil Ambani-led company added that it will “take appropriate steps as legally advised” as the matter progresses.
The development comes at a time when several group entities have been under regulatory scrutiny over various compliance and financial issues. Reliance Infrastructure, which is engaged in defence, infrastructure, power and EPC businesses, has been working to deleverage its balance sheet and improve liqui dity.