Carnation Industries Promoter Vikas Garg Taken Into Custody by ED

Carnation Industries Ltd has disclosed a significant development concerning one of its Promoters, Mr. Vikas Garg, who has been taken into custody by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act, 2002. This action is in continuation of earlier proceedings related to transactions involving foreign entities and FPIs. The company is consulting legal advisors to assess the situation and determine appropriate steps. Carnation Industries has stated that this development has no material impact on its ongoing business operations, which continue as usual. Further disclosures will be made as required by law.