ED search and multiple FEMA summons to Chowgule Steamships and directors
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Between July 2024 and June 2026, the ED searched Chowgule Steamships' Thane corporate office and the residences of Chairman Vijay Chowgule and Independent Director Mangesh Sawant under FEMA Section 37(3) and Income Tax Section 132. Further ED summons followed in July 2024, February 2026, and June 2026, one linked to a FEMA case involving Jaywant Chowgule and others. The company submitted replies each time. No formal charges passed, and management states no material impact on financial or operational activities.
Ongoing ED investigation under FEMA may create negative sentiment; company says no material financial or operational impact and no formal charges have been filed.