ED summons Bikaji Foods MD in Rajasthan Premier League probe

New Delhi, Sep 9 (IANS) Bikaji Foods International Limited on Tuesday confirmed that its Managing Director has been summoned by the Enforcement Directorate (ED) in connection with an ongoing investigation into the Rajasthan Premier League, organised by the Rajasthan Cricket Association.

In a statement, the company said the summons required its Managing Director to appear before the ED and present records related to its transaction with the cricket association.

"Our company, along with the other parties involved in this Rajasthan Premier League, has received a summons directing the appearance of our Managing Director in person on behalf of the Company before the Authority, along with the presentation of records connected with Rajasthan Cricket Association transaction, in this respect," the company said in its stock exchange filing.

Bikaji clarified that its role was confined only to sponsorship of the event.

"The company’s involvement in the Rajasthan Premier League was limited to sponsorship, which was carried out in the ordinary course of business for promotion and brand visibility. We had no role in the management, conduct, or operations of the league beyond this sponsorship," the company added in its filing.

The company further added that all payments related to the sponsorship were made through proper banking channels and were fully documented.

"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," the FMCG company mentioned.

"We have maintained complete records of the sponsorship transaction, which will be furnished to the ED as and when required," Bikaji said, while stressing that the sponsorship was undertaken purely for business promotion and growth strategy.

Bikaji also assured full cooperation with the authorities in the matter.

Shares of Bikaji Foods International Limited closed at Rs 773 on the Bombay Stock Exchange (BSE) on Tuesday, down by Rs 12.75 or 1.62 per cent.

--IANS

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