Niranjan Hiranandani, Son Darshan Seek Exemption From ED Summons In FEMA Case

Niranjan Hiranandani, Son Darshan Seek Exemption From ED Summons In FEMA Case

According to sources, Niranjan Hiranandani was summoned to appear before the ED officials on Saturday.

Ashish SinghUpdated: Tuesday, February 27, 2024, 02:19 AM IST
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Niranjan Hiranandani and his son Darshan Hiranandani have requested exemption from appearing before the Enforcement Directorate (ED) officials in a FEMA case. According to sources, Niranjan Hiranandani was summoned to appear before the ED officials on Saturday.

Father and son seek exemption from summons

However, he contacted the ED officials and requested more time as his doctor has advised him to complete bed rest for at least a week due to suture removal. Niranjan Hiranandani took to Twitter to explain his health condition saying that 

"I am afflicted by a heart condition known as a sick sinus syndrome. In order to attend this problem I had an implant of permanent pacemaker by a surgical procedure. I thank each one of you for pouring in your warm wishes and prayers."

According to reliable sources, Niranjan Hiranandani's son Darshan Hiranandani was given a summons to present himself immediately, but he also requested exemption from appearing before the Enforcement Directorate (ED) and sought time until March 4.

The Hiranandani Group spokesperson stated that all details related to the case have been provided to the Enforcement Directorate (ED), and further information will be provided if required. The group is committed to full cooperation. They remain confident that this 15-year-old matter does not involve any FEMA violations by the group.

ED had summoned Niranjan Hiranandani and his son Darshan Hiranandani. The summons were sent via email. The ED also requested several documents linked to the FDI case involving the Hiranandani group. 

ED Searches

Recently, the Enforcement Directorate (ED) conducted searches at four premises, including the residence of Niranjan Hiranandani, as well as the registered office and corporate office of the group entities. It is alleged that investments of more than Rs. 400 crores, received in the form of Foreign Direct Investments (FDIs) in group companies with real estate projects in Panvel and Chennai, were routed improperly. Sources indicate that the utilisation of this amount did not comply with prescribed government guidelines.

Sources close to the investigation indicate that the ED is keen to probe potential fund diversions and regulatory non-compliances. During the search, the ED recovered several documents related to the company's transactions. However, several documents linked to the Panvel and Chennai FDI-related FEMA cases were found to be missing, which were demanded during the summons issued to Niranjan and Darshan Hiranandani. 

Findings from investigation

Additionally, during the investigation  it has come to light that one of the group entities that received FDI failed to repay loans secured from a consortium of banks, resulting in its classification as a Non-Performing Asset (NPA).An intriguing turn of events unfolded when an incomplete project, owing to the financial defaults, was taken over by another Hiranandani group entity through Debt Recovery Tribunal (DRT) proceedings.

The ED is now scrutinising these takeover proceedings for any signs of manipulation or irregularities.  According to sources, the Hiranandanis allegedly set up at least 25 companies and a trust in the British Virgin Islands between 2006 and 2008. The ED requires details of these companies, including their profiles, investments, and links to Indian business group transactions. 

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