💰 Karnataka HC Dismisses Genpacts Plea Against ED Seizure
Published by OOPSONLINE.IN · Source: The Economic Times · 1 min read · · Updated
What actually happened
The ED alleges that the resulting entity repaid about Rs 7,800 crore, including principal and interest, to Genpact Luxembourg between 2018 and 2023 from the reserves of the Indian business. It has claimed that the transactions amounted to round-tripping and violated Section 4 of FEMA, which restricts Indian residents from holding foreign exchange, securities or assets outside India.
Key points
- The ED alleges that the resulting entity repaid about Rs 7,800 crore, including principal and interest, to Genpact Luxembourg between 2018 and 2023 from the reserves of the Indian business.
- It has claimed that the transactions amounted to round-tripping and violated Section 4 of FEMA, which restricts Indian residents from holding foreign exchange, securities or assets outside India.
Summary based on data provided by The Economic Times. Full article available at the original publisher.
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