ED Seizes Assets Worth Rs 62 Crore in Pharmax India Limited Case

New Delhi, November 22 (HS): The Enforcement Directorate (ED) has taken action against Pharmax India Limited (FIL), its promoters, and directors under the provisions of the Foreign Exchange Management Act (FEMA), 1999, seizing both movable and immovable assets amounting to Rs 62 crore.

In an official statement released on Wednesday, the Enforcement Directorate confirmed that the seized assets comprise 23 immovable properties associated with FIL, its Managing Director Morthala Srinivas Reddy, and his brother M. Malla Reddy, who serves as the executive director at Pharmax India Ltd.

Among the assets seized are equity shares of M/s Pharmax India Limited held by the promoters, along with MSR India shares that were initially owned by Morthala Srinivas Reddy but later transferred to his brother and other family members.

This action by the ED is part of an ongoing investigation into alleged violations related to foreign exchange management.

Report by Hindusthan Samachar