Chandigarh, Jan 17: At the centre of controversy after tendering his resignation from the cabinet that remains to be accepted, power minister Rana Gurjit Singh’s problems seem to be far from over. His son is to appear before the Enforcement Directorate (ED) on Wednesday in a case of violation of Foreign Exchange Management Act, 1999, (FEMA) by the family-owned company Rana Sugars Limited.
The ED had on January 2 issued summons to Inder Partap, who is managing director of Rana Sugars, a firm which is in collaboration with the state-run Punjab Agro Corporation, and raised doubts over $18 million (Rs 100 crore) raised abroad a decade ago by floating foreign shares, or GDRs (global depository receipts), allegedly without mandatory permission of the Reserve Bank of India (RBI).
When contacted, Inder Partap said, “I am going to appear before the ED office in Jalandhar with all documents that the agency has sought. All our funding is crystal clear, and we have not violated any RBI guideline.”
News Source: http://www.hindustantimes.com
