Vodafone Chairman Analjit Singh has been summoned by the enforcement directorate for a hearing with regards to an investigation being conducted under the Prevention of Money Laundering Amendment Act (PMLA) and Foreign Exchange Management Act (FEMA).
The hearing is scheduled for August 31st. Singh is expected to send his authorized representative for the hearing.
A source with direct knowledge of the situation said the summons has directed Singh or his authorized representative to present seven sorts of documents.
The demanded documents include the names & addresses of companies Singh has been a director of since the year of 2002, the names & addresses of shareholders of Vodafone India Ltd since the year of 2007, and details of foreign shareholders of the company since the year of 2007.
The enforcement directorate has summoned Singh with regards to alleged breach of sectoral foreign direct investment cap of 74 per cent by Vodafone. The federal agency is investigating whether Vodafone received foreign funds or if it complied with the Reserve Bank of India (RBI) norms with regard to the FEMA.
The foreign investments case against the telecom giant was referred by the Central Vigilance Commission (CVC) in 2007.
Vodafone spokesperson refused to comment on the report.