Business EconomyPosted at: Jun 2 2026 6:36PM


ED searches Vedanta offices to probe suspected FEMA violation

Mumbai, Jun 2 (UNI) The Enforcement Directorate (ED) carried out searches at the Mumbai and Delhi offices of the Anil Agarwal-led Vedanta Group on Tuesday, supposedly to investigate suspected breaches of the Foreign Exchange Management Act (FEMA).
According to the ED, the focus of its probe is about how money moves between Vedanta Ltd and its parent company, Vedanta Resources, which is headquartered in the United Kingdom.
The main focus of the ED investigation is the alleged “brand fee” payments made by some Vedanta group companies to their parent company Vedanta Resources, according to the ED.
The investigation is being conducted to determine whether these payments for use of the brand took place as per FEMA rules or in violation of FEMA rules. The ED stated that it is in the process of reviewing financial documents, agreements and other records related to these payments, and it plans to analyse the evidence collected during the raids on Tuesday, before it decides to take any further action.
Meanwhile, an official spokesperson for Vedanta Ltd stated that the Vedanta is “fully cooperating” with the ED, adding that it has handed over all necessary documents and details to the ED, as well as observed all applicable legal standards.
“We have extended full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage,” the Vedanta spokesperson said.
The ED action came at a time when Vedanta is presently in the midst of a demerger process as well as a legal battle with the Adani Group in order to acquire the assets of the bankrupt Jaiprakash Associates Ltd (JAL).
Vedanta had questioned the metrics behind the corporate resolution as well as the bidding process, besides also challenging its validity in court.
However, both the Supreme Court and National Company Law Appellate Tribunal (NCLAT) refused to halt the Adani Group's Rs 14,543-crore resolution plan for the bankrupt Jaiprakash Associates Ltd (JAL), dealing successive legal setbacks to Vedanta Ltd.
In April, the National Company Law Appellate Tribunal (NCLAT) rejected a challenge by Anil Agarwal's Vedanta Ltd to the winning bid by the Adani Group for real estate firm Jaiprakash Associates Ltd (JAL), stating that it did not find merit in the issues raised by Vedanta, as it dismissed two petitions filed by Vedanta Ltd.
The Supreme Court of India also refused to stay the implementation of Adani's bid after Vedanta argued that its own Rs 16,726-crore bid for JAL assets was higher and procedurally superior.
However, both the lenders' panel and the Supreme Court emphasised that Adani's plan offered a higher upfront cash component as well as better viability.
In May, the NCLAT dismissed Vedanta's appeal, officially upholding the selection of the bid by Adani Enterprises. An NCLAT bench comprising Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra held that the Committee of Creditors (CoC) were right in preferring Adani Group's Rs 14,535-crore bid over Vedanta's resolution plan for JAL.
After the NCLAT's dismissal, Adani Enterprises filed a caveat in the Supreme Court, ensuring it will receive prior notice if Vedanta challenges the NCLAT's decision.
The ongoing corporate battle between the two billionaire conglomerates involves prized real estate, cement plants and India's only Formula One track, namely the Buddh International Circuit F1 Track, which Adani aims to acquire from the bankrupt JayPee Group.
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