On Friday, ED slapped over Rs 230 crore FEMA violation show-cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said.
They added that, after completing probing by adjudicating authority which is the Special Director (Eastern Region) of the Enforcement Directorate, then notice was issued under the Foreign Exchange Management Act (FEMA). The total penalty is Rs. 2,30,40,70,000 including firm and six others, the order said.
According to the order, “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 not permitted sector without the approval of the RBI”.
The ED had taken over the probe against the firm on the direction of the Supreme Court which asked it to look into the affairs of the company from the point of view of FEMA. The suit filed by an NGO, the top court order was made on the basis of public interest litigation(PIL).
The notice was issued to PwC Pvt Ltd, Chairman Shyamal Mukherjee, Director Satyavati Behera, Ex-Chairman Deepak Kapoor and Ramesh Ranjan, former Executive Director Ambrish Dasgupta and former employee of the company Shivam Dubey.
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