Company says that all the payments made by it towards sponsorship were duly accounted for
After the Enforcement Directorate (ED) summoned the Managing Director of Bikaji Foods in connection with the investigation into the Rajasthan Premier League, the company has now issued a clarification that all the payments made by the company towards sponsorship were duly accounted for.
Taking note of the summon, the company stated that its involvement in the league was limited to the sponsorship in the said event. The sponsorship was carried out in the ordinary course of our business, as a part of legitimate commercial activities aimed at promotion, visibility and development of business interest, it said.
“We have no role, whatsoever in the management, conduct or operational aspects of the said Rajasthan Premier League, beyond the sponsorship procedure. We further clarify that all the payments made by the company towards sponsorship were duly accounted for, supported by proper documentation and effected through valid banking channels,” Bikaji Foods noted in an exchange filing.
The company added that it has maintained complete records of the sponsorship transaction, which are available for inspection and will be duly furnished before the Enforcement Directorate, as and when required. Bikaji Foods has extended full co-operation with the authorities and complying with all legal requirements in this matter, the statement noted.
The sponsorship was taken solely in the interest of business promotion, brand development and outreach, which is a part of the growth strategy, it said. “We firmly affirm that there was no other purpose, motive or intention behind such sponsorship,” the statement emphasised.
