Chowgule Steamships: ED Conducts Search, Issues Summons

Chowgule Steamships Ltd announced that the Directorate of Enforcement (ED), Panaji Zonal Office, conducted searches at its corporate office in Thane and residences of its Independent Director, Mr. Mangesh Sawant, and Chairman & Whole-time Director, Mr. Vijay Chowgule, on July 3, 2024. The searches involved seizure and freezing under the Foreign Management Act, 1999, and Income Tax Act, 1961. Subsequently, the company received a summons dated July 18, 2024, from the ED seeking documents and information related to the search. The company stated that these actions have no material impact on its financial or operational activities.