Dabur falls 9% after Pradip Burman named in black money listNew Delhi: Shares of Dabur India fell as much as 9 per cent on Monday after the NDA government filed an additional affidavit in the Supreme Court in the black money case disclosing the names
New Delhi: Shares of Dabur India fell as much as 9 per cent on Monday after the NDA government filed an additional affidavit in the Supreme Court in the black money case disclosing the names of three persons who have stashed away black money in foreign banks.
The names revealed in the Supreme Court are: Pradip Burman, Pankaj Chimanlal and Radha S Timblo. No politicians were named.
Burman is a promoter in Dabur India, the country's fourth largest FMCG company with interests in hair care, oral care, skin care, health care and food products.
The three businessman have been charged under various sections of the Income Tax Act and Money Laundering Act.
According to Dabur India's filing on the Bombay Stock Exchange, Pradip Burman held 0.02 per cent share in the company as of September 30, 2014.
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."
The Narendra Modi government had promised to bring back black money but recently toed the line of the erstwhile UPA government by informing Supreme Court that it cannot make public such details.
More from business
Tata Steel to merge European operations with Thyssenkrupp to create 2nd largest steel behemoth
Bengaluru: I-T raids on S M Krishna’s son-in-law Siddhartha, owner of Cafe Coffee Day chain
5 reasons why TRAI’s decision on IUC cut will significantly boost RIL’s earnings
GST interim returns: Over 75 per cent eligible taxpayers waited for last day to file returns, says Jaitley