GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

ED Seizes Rs 20.87 Crore Assets of Ex-Dabur Director

The agency took over the case on the basis of a charge sheet filed by the Income Tax Department (ITD) against Burman as part of its probe in the leaked HSBC list of Indians.

PTI

Updated:May 22, 2018, 8:46 PM IST
facebookTwittergoogleskypewhatsapp
ED Seizes Rs 20.87 Crore Assets of Ex-Dabur Director
Ex-director of Dabur, Pradip Burman. (Image: @PBurmanOfficial/Twitter)
Loading...
New Delhi: The Enforcement Directorate on Tuesday said it has seized assets worth Rs 20.87 crore of former Dabur group Director Pradip Burman in connection with its FEMA probe in the HSBC bank black money list unearthed few years ago.

The ED initiated the action under the provisions of the Foreign Exchange Management Act (FEMA) and the seized assets include 50,000 tax-free government bonds of HUDCO and IRFC.

The agency took over the case on the basis of a charge sheet filed by the Income Tax Department (ITD) against Burman as part of its probe in the leaked HSBC list of Indians.

The trial in this ITD case is still to commence.

The agency said the assets in the country were seized, in lieu of assets held abroad, after it was found that Burman deposited USD 32.12 lakh in his account with HSBC bank in Zurich in Switzerland and that he "did not" show this amount in his IT Returns filed during 2007-08, despite declaring it to the taxman that this was his earning.

"The investigation revealed that Burman has deposited USD 32.12 lakh with HSBC, Zurich and was holding the same in contravention of section 4 of the FEMA and failed to repatriate the entire amount to India till date," the ED said.

Burman is a former Director in Ms Dabur India Limited, Ms Sanat Product Ltd and Ayurved, Ms Ratna Commercial Enterprises (P) Ltd and is also a trustee in the Burman family trust called the Dr S K Burman Charitable Trust.

This case is one amongst the list of 628 Indians, who figured in a list of account holders in HSBC Bank's Geneva branch, that India had obtained from the French government in 2007.

Also Watch

| Edited by: Ahona Sengupta
Read full article
Loading...
Most Active
Company Price Change %Gain
Sun Pharma 623.50 +3.80 +0.61
Axis Bank 627.30 +3.85 +0.62
ICICI Bank 340.00 +5.70 +1.71
ITC 313.75 +6.30 +2.05
SBI 302.10 +9.40 +3.21
Company Price Change %Gain
RITES 310.00 +25.15 +8.83
Sun Pharma 623.30 +3.70 +0.60
Axis Bank 627.10 +3.25 +0.52
SBI 302.00 +9.30 +3.18
Tata Steel 580.60 +12.50 +2.20
Top Gainers
Company Price Change %Gain
Grasim 1,045.85 +46.40 +4.64
Yes Bank 393.20 +14.75 +3.90
Lupin 881.25 +31.50 +3.71
SBI 302.10 +9.40 +3.21
Vedanta 215.20 +6.40 +3.07
Company Price Change %Gain
Yes Bank 392.95 +14.25 +3.76
SBI 302.00 +9.30 +3.18
Vedanta 215.00 +6.45 +3.09
HUL 1,780.80 +45.60 +2.63
Tata Motors 257.35 +6.20 +2.47
Top Losers
Company Price Change %Gain
GAIL 387.70 -6.10 -1.55
Hero Motocorp 3,242.30 -40.35 -1.23
Eicher Motors 28,476.15 -327.70 -1.14
ONGC 163.05 -1.40 -0.85
Maruti Suzuki 9,152.10 -48.45 -0.53
Company Price Change %Gain
Hero Motocorp 3,248.60 -37.50 -1.14
ONGC 163.10 -1.00 -0.61
Maruti Suzuki 9,148.30 -53.65 -0.58
Coal India 281.20 -1.25 -0.44
HDFC 1,883.60 -7.30 -0.39
Loading...
Loading...