Industrialist Anil Ambani appeared before ED, know what is the matter

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The Bombay High Court had directed the Income Tax (I-T) department not to take coercive action against Anil Ambani till March 17 over a fresh penalty notice issued against him alleging that the Reliance (ADA) Group The chief had stolen Rs.420.

Industrialist Anil Ambani appeared before the Enforcement Directorate at his Ballard Estate office in South Mumbai on Monday morning. Sources suggested that the Reliance Group chairman appeared to possibly record a statement in the FEMA (Foreign Exchange Management Act) violation case. In March this year, the Bombay High Court had directed the Income Tax (I-T) department not to take coercive action against Anil Ambani till March 17 over a fresh penalty notice issued against him alleging that Reliance (ADA) The head of the group had stolen Rs 420.

Later in April, the High Court had extended his protection till further orders and stayed the show-cause notice issued to the industrialist by the IT department under the Black Money Act and the demand for penalty. It is also pertinent to note that the industrialist has, in the past, joined the ED probe in connection with the Yes Bank loan kickback case.

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