Edelweiss CEO denies dealings with Capstone, FEMA violations charge
In a BSE filing, Shah said the allegation of FEMA (Foreign Exchange Management Act) violation is "false" and the company will fully cooperate in the investigation.
The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.Informing shareholders about the development, Shah said: "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex Pvt ltd and all allegations of FEMA violations are false".
"Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he added.Shah also denied media reports of him having any relation with Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of the group companies.
"Let me reiterate that he (Sanjay Nathalal Shah) has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name," he said.He also accused media of sensational reporting on "false allegations". The company will take appropriate legal action against the concerned media group in order to protect and reinforce the reputation of Edelweiss, he added.
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