Dabur India Director Pradip Burman on Wednesday said the Enforcement Directorate's seizure order of some of his bonds were "unmerited and unlawful" and denied the agency's allegations of contravention of the Foreign Exchange Management Act (FEMA).
The ED on Dec 15, in an official statement, had said it seized assets worth Rs 20.87 crore of Burman pursuant to investigation that revealed he had deposited US$32,12,000 in a Switzerland bank in violation of FEMA.
Contesting the charges, the office of Burman, in a statement said: "No declaration has been made to the Income Tax admitting that income was earned outside India by him in this case. Income Tax has already been paid on the amount stated on the faith that this would settle and avoid disputes with Income Tax department/government of India".
It claimed that provision of FEMA "has not been violated and there is no admission of any deposit of money/funds made in his (Burman) name or in his account abroad in this matter".
"The seizure order of some bonds of Burman under FEMA is unmerited and unlawful. It is based on suspicion and conjectures without there being lawful evidence or material justifying the same. The seizure order is being contested by us," the statement added.
(With inputs from agencies.)