Published Jun 17, 2026 | 7:04 PM ⚊ Updated Jun 17, 2026 | 7:04 PM
Enforcement Directorate.
Synopsis: The FEMA violation case was terminated after Apollo Hospitals Enterprises Limited made a one-time payment of over ₹17 crore, and five of its senior executives paid ₹18 lakh each.
The Enforcement Directorate has terminated a FEMA violation case against Chennai-headquartered Apollo Hospitals Enterprises Limited and five of its directors after the Reserve Bank of India issued a compounding order, and the business group made a one-time payment of over ₹17 crore, besides its executives paying ₹18 lakh each.
The Reserve Bank of India (RBI)’s compounding order under Section 15 of the Foreign Exchange Management Act (FEMA), 1999, came after the Enforcement Directorate (ED) had issued a no-objection certificate.
The ED said in a statement on Wednesday, 17 June, that the alleged four-point contravention finalised for adjudication under FEMA amounted to more than ₹2,424 crore.
Apollo executives named were Preetha Reddy, Suneetha Reddy, SK Venkatraman, Akhileshwaran Krishna and SM Krishnan.
The four-point allegations included receiving Foreign Direct Investment (FDI) in a prohibited sector without government approval, issuance of Foreign Currency Convertible Bonds (FCCBs) in contravention of FEMA, breaching the 24% paid-up capital limit while receiving FDI and surpassing the overall sectoral cap limit of 51% for foreign shareholding.
“The contraventions have been compounded with a one-time payment of Rs 17,76,80,121 by M/s Apollo Hospitals Enterprises Limited and Rs 18,00,000 each by its concerned directors/officers [sic],” the ED statement said, adding that it has led to the termination of the adjudication proceedings under provisions of FEMA against the company.
