ED Slaps Over Rs 230 Crore FEMA Show Cause Penalty Against PwC
The Enforcement Directorate (ED) has slapped over Rs 230 crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said on Friday, 13 September.
They said the notice was issued under the Foreign Exchange Management Act (FEMA) after completion of probe by the adjudicating authority which is the Special Director (Eastern Region) of the Enforcement Directorate.
The penalty, to the firm and six others, totals to Rs 2,30,40,70,000, the order accessed by PTI said.
"The adjudicating authority during the course of adjudication has held the company guilty of violation of section 10(6), 6(2), 6(3) and 9(b) of FEMA, 1999 for receiving investments in the guise of purported grants in non permitted sector without the approval of the RBI," the order said.
The ED had taken over the probe against the firm on direction of the Supreme Court which asked it to look into the affairs of the company from the point of view of FEMA.
The apex court order was made on the basis of a public interest litigation (PIL) filed by an NGO.
The noticees include PwC Pvt Ltd, chairman Shyamal Mukherjee, director Satyavati Behera, ex-chairmen Deepak Kapoor and Ramesh Ranjan, former executive director Ambrish Dasgupta and former employee of the company Shivam Dubey.
They can appeal against the order within a time period of 45 days from the issue of the order.
(The Quint is now available on Telegram. For handpicked stories every day, subscribe to us on Telegram)
(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)