Vedanta, Hindustan Zinc Confirm Raids Over Alleged Foreign Exchange Violations

MT Newswires Live06-03

Mining and exploration company Vedanta (NSE:VEDL, BOM:500295) confirmed the raids conducted by India's Enforcement Directorate at its offices along with those of its subsidiary Hindustan Zinc (NSE:HINDZINC, BOM:500188), according to a Tuesday filing to the Indian stock exchanges.

Vedanta said it is "extending its full co-operation to the authorities and providing all information sought," adding that it will make any required disclosures as and when needed.

Media reports on Tuesday indicated that the searches at Vedanta's offices were being conducted in relation to alleged violations of the Foreign Exchange Management Act (FEMA) rules regarding royalty payments made by the company to its parent, Vedanta Resources.

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