Vedanta subsidiary faces ₹35 crore FEMA penalty upheld by tribunal
Vedanta Limited disclosed today that the Appellate Tribunal under SAFEMA (Smugglers and Foreign Exchange Manipulators Forfeiture of Properties Act) in New Delhi has dismissed an appeal by Sterlite Industries (now part of Vedanta) against an Enforcement Directorate penalty.
The shares of Vedanta Limited were reading at ₹452.00 up by ₹0.15 or 0.033 per cent on the NSE today at 1 pm.
The tribunal’s order, dated November 27, 2024, confirms a total penalty of ₹35 crore, comprising ₹20 crore imposed on the company and ₹5 crore each on three former directors. The penalty relates to alleged violations under Section 8(1) of the Foreign Exchange Regulation Act, 1973.
Vedanta reported the order to stock exchanges on November 28, 2024, at 9:15 pm. The company stated it is currently examining the order and will take appropriate actions. Significantly, Vedanta does not anticipate the order to have any material impact on its operations.
