ITC seeks time on ED notice

CALCUTTA, Aug 14: The board of directors of ITC Limited has sought more time to furnish with the replies to the show cause notices which were served on them by the Enforcement Directorate ED on July 11.

The ED, which had pulled up the company for allegedly violating Foreign Exchange Regulation Act FERA to the tune of US 116 million Rs 350 crore, had given 30 days to ITC to come up with the replies.

According to ED sources, the company has failed to comply with the ED requirements within the stipulated time, and has subsequently requested the directorate to relax the time limit.

However, it is not known whether the request of ITC, which has been made to the Delhi officials of the directorate, has been taken notice of by the Ministry of Finance.