Jai R Shroff, CEO of UPL, on Thursday said that the media reports based on whistleblower allegations were completely malicious.
Speaking in an interview to CNBC-TV18, Shroff said, “This complaint was made in 2016-17 from a board member, it was made by my estranged wife, about the house that I live in and this is rented on an arm's length basis to UPL for my residence.”
He said that the auditors had reviewed the transactions between companies that had rented the residence. “The rental agreement is cancelled and the house is no more rented to UPL,” said Shroff.
“Sadafuli was bought for me to stay in but I do not have any shareholding in that company. It’s completely an arm’s length. It’s a market related rental agreement. Sadafuli was created to buy and invest in properties. It is owned by independent shareholders,” he said.
“We believe there has been a systematic malicious intent to try to malign the family and the company. We believe our business is very strong. UPL has great business opportunity to continue to grow and we will not be distracted by all these malicious allegations. Obviously, this is a 2016-17 matter and it has been dealt with appropriately,” said Shroff.
For the entire interview, watch video