Shares in Dabur India closed lower on Monday after the
central government revealed that Pradip Burman has allegedly parked untaxed or
black money in illicit foreign accounts. Mr Burman, a member of the promoter
family of Dabur India, holds no position in the company currently.
According to the company's filing on the Bombay Stock
Exchange, Pradip Burman held 0.02 per cent share in Dabur India as of September
30, 2014.
Dabur is India's fourth largest FMCG company with
interests in hair care, oral care, skin care, health care and food products.
Reacting to the development, a Dabur spokesperson said,
"We wish to state that this account was opened when he was an NRI, and was
legally allowed to open this account. We have followed all the laws and the
complete details regarding the account have been voluntarily, and as per law,
filed with the Income Tax Department, and appropriate taxes paid, wherever
applicable."
Dabur shares, which had fallen as much as 9 per cent to a
low of Rs.196.40 in
intra-day trade, ended down 3.6 per cent at Rs. 208
on the BSE. The stock underperformed the FMCG sub-index on the BSE, which
declined just 1.06 per cent.
Pradip Burman's name, part of the affidavit that contained
two other names, was submitted by the Centre before the Supreme Court today.
The other names are Radha Timblo, connected to a Goa-based mining company, and
Rajkot-based businessman Pankaj Chimanlal Lodhiya.
The Supreme Court, based on a petition by senior lawyer
Ram Jethmalani, had set up a committee to look at how to recover crores parked
by tax-evaders in foreign accounts.
SOURCE- www.ndtv.com
NDTV | Updated On: October 27, 2014 15:48 (IST)
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