Dabur India lost a little over 1.5 percent in the morning trade on Tuesday after agencies reported seizure of assets worth Rs 21 crore from Pradip Burman, Director of the firm.
The stock has touched an intraday high of Rs 372.55 and an intraday low of Rs 366.20.
Enforcement Directorate seizes assets worth Rs. 20.87 Crores of Pradip Burman, the Director of Dabur India Ltd. in lieu of assets held abroad under section 37A of Foreign Exchange Management Act, 1999 (FEMA).
News agency ANI reported that the Enforcement Directorate seized assets worth the amount in lieu of assets held abroad under Section 37A of Foreign Exchange Management Act, 199 (FEMA).
“The seizure order has been issued pursuant to investigation which revealed that prima-facie Burman deposited USD 32,12,000 in his account with HSBC, Zurich. He had declared before Income Tax Authority that he had earned USD 32,12,000 and had not shown this amount of his earning in his income tax returns filed in India for 2007-08,” according to the investigating agency.
The investigation conducted so far has also revealed that Burman had deposit USD 32,12,000 with HSBC, Zurich and holding the same in contravention of Section 4 of FEMA, 1999 and failed to repatriate the entire amount to India till date, ED further added.
The stock has gained over 3 percent in the past one month, while its three-day loss stood at a little over half a percent. At 10:19 hrs Dabur India was quoting at Rs 369.10, down Rs 3.20, or 0.86 percent, on the BSE.
Source: moneycontrol.com