ED closes FEMA proceedings against BC Jindal Group after finding no substantive violations

The Enforcement Directorate has concluded FEMA adjudication proceedings against the BC Jindal Group, determining that no substantive contravention under the overseas investment regime occurred. Legal counsel Khaitan & Co, which represented the Group, stated that the ED accepted the Group's position after detailed submissions and representations.

The adjudication found that the overseas direct investment was permissible under the automatic route and was supported by proper documentation, valuation, transaction records, and RBI filings. The BC Jindal Group has discharged all amounts arising from the proceedings. Khaitan & Co represented the Group throughout the investigation, search, and adjudication process since September 2025.