One of the biggest FEMA cases involving a leading healthcare company has finally reached closure. The Enforcement Directorate has ended proceedings against Apollo Hospitals and its directors after the Reserve Bank of India approved a compounding settlement.
The case revolved around alleged FEMA contraventions worth more than ₹2,424 crore. Investigators had flagged issues related to foreign investment, approvals, foreign currency convertible bonds, and shareholding limits.
After the company approached the RBI for compounding, the ED issued a no objection certificate. This cleared the way for the central bank to pass the final settlement order.
Apollo Hospitals paid ₹17.76 crore as a one time settlement amount, while five directors and senior officials paid separate penalties. The move effectively brought the adjudication process to an end.
With the RBI order now in place, the ED has formally closed the case and ended further litigation. The development removes a major regulatory cloud that had been hanging over the healthcare giant for years.
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