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Directorate of Enforcement has seized immovable property worth ₹8.94 crore belonging to Chennai-based GV Films Limited at Thanjavur in Tamil Nadu.
The property was seized under the provisions of Section 37A of the Foreign Exchange Management Act (FEMA), 1999 in connection with siphoning off foreign exchange in the guise of issuance of 64 lakh Global Depository Receipts (GDR) to the tune of ₹345.6 crore.
The investigation under provisions of the FEMA, 1999, revealed that GV Films Limited opened a bank account in Banco Efisa S.A. (Bank), Lisbon, Portugal for the purpose of handling the GDR proceeds.
According to annual reports of GV Films, the property seized (GV Complex) is a multi-screen theatre complex with a value of ₹8.94 crore. However, the market value of the property appears to be much higher which is being ascertained from the Competent Authority.
Further investigation under the FEMA Act is under process, says a department release.
Published on September 1, 2022
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