The Enforcement Directorate has issued show cause notices to Transcorp International Limited and others for alleged contravention of the Foreign Exchange Management Act (FEMA), to the tune of ₹7,272 crore.
The notices have also been sent to the company’s promoter director, Ashok Kumar Agarwal, and managing director, Gopal Krishan Sharma, said the ED on April 1, 2022.
Listed on the Bombay Stock Exchange, the company has an Authorised Dealer Category-II licence from the Reserve Bank of India (RBI) and is allowed to undertake various permissible money changing (forex) transactions, outward remittances activities, etc.
