The Directorate of Enforcement (ED) has seized the entire shares held by the estate of Goa-based businessman, the late Anil Salgaocar, in 33 companies over alleged foreign exchange violation in connection with assets held by Salgaocar outside India.
“…by acquiring foreign exchange and holding assets outside India, late Anil Salgaocar contravened the provisions of section 4 of FEMA, 1999 for a total amount of $690,650,641 (approx. ₹5,718 crore),” the federal agency said in a statement on Wednesday. “Accordingly, the entire shareholding of late Anil Salgaocar which has been transferred to estate of late Anil Salgaocar, in all 33 companies which varies from 0.1% to 99.9% has been seized by ED. These said 33 companies own 441 immovable properties located mainly at Goa and few at Mumbai and Karnataka,” it said.
