The Enforcement Directorate (ED) has seized movable and immovable properties worth ₹62.52 crore of Farmax India Limited, its promoters, and directors under the Foreign Exchange Management Act (FEMA).
The seized properties include 23 immovable properties of Farmax India, its managing director Morthala Srinivasa Reddy, and his brother and the company’s executive director, M. Malla Reddy.
The company’s equity shares in the name of promoters and the shares of MSR India Limited, originally held by the managing director and later transferred to his brother and other family members, have also been attached, the agency said.
