Dabur falls as reports name ex-Director in black money list - Economic Times

MUMBAI: Shares of FMCG major Dabur plunged 9 per cent in intraday trade after the government revealed name of Pradip Burman, former Director, Dabur as one of people with illegal foreign bank accounts.

The stock ended the day on the BSE at Rs 208.00; down 3.61 per cent.

However, Dabur India has defended Burman by issuing a statement the Burman family is committed to the highest standards of corporate governance, and encourage ethical behaviour at all levels.

"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. Therefore, it is unfortunate that every person having a foreign bank account is being painted with the same brush," a Dabur spokesperson said.

The government, in an affidavit to Supreme Court, also named Pankaj Chalamanlal Lodhia, a Rajkot-based bullion trader and Radha Timloo, Director, Timblo Pvt Ltd as individuals who hold secret accounts in Switzerland.

At 01:05 p.m.; the stock was at Rs 209.65, down 2.85 per cent, on the BSE. It plunged 9 per cent intraday to touch a 196.40. Over 14.34 lakh shares were traded in the counter against two-week average of 59,000 shares.

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