The reports claim that the company generated revenues of around Rs 1,472 crore from Andhra Pradesh State Beverages Corporation or APSBCL and an estimated Rs 218 crore was calculated as kickbacks
Following allegations of involvement in Andhra Pradesh liquor scam, Tilaknagar Industries has now issued a clarification, stating that the company has not received any communication or information to this effect from any regulatory authority or enforcement agency.
This comes after media reports claimed that the company has been named in a chargesheet filed by the Andhra Pradesh police in respect of the ongoing inquiry into the alleged malpractices pertaining to liquor trade in the state.
“We would like to place on record that the company has not received any communication or information to this effect from any regulatory authority or enforcement agency, till date. Through this communication, we urge all stakeholders to rely solely on communications flowing directly from the company channels or published through the official stock exchange platform,” the company said in a regulatory filing on Monday.
The reports noted that the company generated revenues of around Rs 1,472 crore from Andhra Pradesh State Beverages Corporation or APSBCL. An estimated Rs 218 crore was calculated as kickbacks and paid to the syndicate based on the quantity and price pushed through APSBCL, the reports cited the chargesheet.
The reports also added that the company was found to have made some suspicious transactions. It said that the funds received from APSBCL were converted into untraceable liquid cash through four jewellery companies. The company routed a share of its legitimate revenue to jewellery merchants and the received gold was systematically handed over to syndicate handlers, the reports pointed out, citing the chargesheet.
