more-inThe Competent Authority has confirmed the Enforcement Directorate’s (ED) seizure of moveable properties worth ₹1.59 crore belonging to Chennai-based industrialist Pradip D. Kothari, chairman and managing director, Kothari Industrial Corporation Ltd, in June under the provisions of the Foreign Exchange Management Act (FEMA), for holding foreign assets without proper approvals. According to an official release, holding assets outside India without proper permission amounts to contravention of the provisions of Section 4 of FEMA. As per the provisions of the newly introduced Section 37A of FEMA, equivalent value of the foreign assets abroad can be seized in India, it added.

Source: The Hindu November 30, 2017 19:30 UTC