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Ratan Tata's RNT Associates, considered as his family office and an investment firm has been asked by the Enforcement Directorate (ED) to disclose information about its foreign investments, particularly in a Singapore-based firm called ENT Associates Pte Ltd.
According to a report by The Economic Times, ED had ordered RNT Associates to disclose information about foreign investments in a particular Singapore based entity. Along with it, it has also has asked for information regarding the nature of activities at the firm, their bank account details and copies of their audited balance sheets.
The ED order, issued on June 14, is issued under provisions of the Foreign Exchange Management Act (FEMA). And it has asked RNT Associates to disclose the company's data for the 'purpose of an investigation under FEMA'.
Confirming the order and showing positive support to the order, an RNT Associate's spokesperson, said: "The nature of queries from Enforcement Directorate is related to our investment portfolio. We are compliant with all disclosures and existing laws governing investments and are extending all cooperation". Along with Ratan Tata, other directors on board include RK Krishna Kumar, a senior member of Tata group, and Ramachandran Venkataraman aka Venkat who's a close confidant of Ratan Tata himself.
Earlier, ED, the Reserve Bank of India and the Serious Fraud Investigation Office had received a letter from some anonymous person. The Mumbai-based anonymous person had signed the letter with a Mahim address and he talked in detail about the RNT Association's transactions and trades with the Singapore based fir. According to an anonymous source, "We don’t know who this person is. He has a Mahim address. But one gets the impression that he may have been in touch with an insider." It is to be noted that the letter doesn't talk anything about the firm's foreign investments by the firm's directors.
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