Legal

ED siezes assets worth Rs 21 crore of Dabur family's Pradip Burman

Updated : May 22, 2018 12:22 PM IST

The Enforcement Directorate has seized assets worth Rs. 20.87 crores from Pradip Burman, Dabur's Nepal subsidiary chairman and a member of the family that owns the company, in lieu of assets held abroad under section 37A of FEMA.

Post the news, Dabur India has lost more than a percent in trade.

Burman's case of not disclosing his income and deposits in his foreign account has been going on for nearly seven years.

The Enforcement Directorate on Tuesday has seized assets worth Rs 20.87 crore from Pradip Burman, Dabur's Nepal subsidiary chairman and a member of the family that owns the company, in lieu of assets held abroad under section 37A of Foreign Exchange Management Act (FEMA), 1999.

Post the news, Dabur India has lost more than 1% in trade.

Burman's case of not disclosing his income and deposits in his foreign account has been going on for nearly seven years.

He had opened an account in Dubai in 1999, of which investigations began in July 2011.

Income Tax department alleged that Burman is holding foreign bank accounts, which he had not disclosed in his income tax returns.

The IT department alleged that there were undisclosed deposits in the accounts.

Dabur had backed Burman's foreign bank account back then and said the account was "opened when he was an NRI, and was legally allowed to open this account."

In 2015, the Delhi High Court stopped Burman from going to Hong Kong for a family trip as the Income Tax department opposed it saying that he should not be allowed to travel abroad as a “pleasure treat” in routine course.

ED siezes assets worth Rs 21 crore of Dabur family's Pradip Burman

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