TaxTMI 
TaxTMI 
ED searches against entities involved in IBC process for Kolkata company
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....D searches against entities involved in IBC process for Kolkata company<BR>FEMA / RBI<BR>Dated:- 23-9-2026<BR>PTI<BR>Kolkata, Sep 23 (PTI) The Enforcement Directorate on Wednesday conducted searches i....
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....n three states as part of a FEMA investigation against a Kolkata-based engineering company that recently underwent insolvency, officials said. They said about 16-17 premises in Kolkata, Delhi and ....
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....Bengaluru linked to McNally Bharat Engineering Company Limited (MBECL) and persons and entities connected with its acquisition are being covered. The searches were initiated under the Foreign Excha....
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....nge Management Act (FEMA), they said. The company recently underwent the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal (NCLT) and the plan of BTL EPC comp....
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....any was approved. A comment from the entities on whom the searches were being conducted could not be obtained immediately. Officials said the ED is investigating suspected FEMA contraventions an....
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....d the source and movement of funds used in acquiring control of MBECL. The agency is also examining whether the insolvency resolution process was used to enable persons "potentially ineligible" und....
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....er Section 29A of the Insolvency and Bankruptcy Code (IBC), 2016, to regain control of the company indirectly, they said. PTI NES DV DV =============<BR> News - Press release - PIB....