ED raids JSPL premises in Delhi, Gurugram over forex violation

ED officials visited office premises of Jindal Steel and Power Limited (JSPL) in Delhi and neighbouring Gurugram as part of the investigation being conducted under provisions of the Foreign Exchange Management Act

Moneycontrol News

April 22, 2022 / 12:52 IST

26 Aug, 2025 12:21

Volume

Todays L/H

The Enforcement Directorate has conducted searches on JSPL premises over allegations of FEMA violations, officials said on April 21.

They said the agency officials visited office premises of Jindal Steel and Power Limited (JSPL) in Delhi and neighbouring Gurugram as part of the investigation being conducted under provisions of the Foreign Exchange Management Act (FEMA).

Later, the company said in a statement that it had an "exemplary track record of corporate governance and (it was) disclosing the required information to the regulators and will continue to do so." "We would like to bring to your notice that our office premises in Delhi and Gurugram have been visited today by the officials from Enforcement Directorate for seeking business related information, which is being provided to them," the statement said.

Jindal Steel shares plunged as much as 6% to a three-week low in their biggest fall since mid-March.

Part of O P Jindal Group, JSPL has a significant presence in the steel, power, and mining sectors, with investments worth around Rs 90,000 crore across the globe. Naveen Jindal, a former MP, is the chairman of JSPL. Naveen Jindal, a former MP, is the chairman of JSPL.