Jalandhar, April 4 -- The Enforcement Directorate has seized immovable properties worth Rs. 22.02 crore of Rana Sugars Limited under section 37A of the Foreign Exchange Management Act (FEMA), 1999, for holding foreign exchange outside India.

The firm is owned and managed by Kapurthala MLA Rana Gurjit Singh and his son and Sultanpur Lodhi MLA Inder Pratap Singh Rana, who is managing director and promotor of RSL, and other family members as chairman and promotors.

The ED spokesperson stated that the federal agency initiated an investigation under the provisions of FEMA, 1999 against Rana Sugars Ltd, its promoters, Directors & others in connection with the issuance of Global Depository Receipts (GDRs) and non-utilisation of entire GDR proc...