The Enforcement Directorate on Wednesday conducted searches in 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 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 Exchange 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 company was approved.
A comment from the entities on whom the searches were being conducted could not…