Edelweiss’ Shah Reiterates That There Were No Dealings With Capstone Forex
Edelweiss Group denied having business relationship with Capstone Forex and allegations of forex violations.
Edelweiss Group denied having any business relationship with Capstone Forex Pvt. Ltd., and debunked the allegations over its involvement in foreign exchange violations.
“If any information is sought from us, as a responsible corporate citizen, we will of course provide the same,” Rashesh Shah, chairman and chief executive officer of Edelweiss Group, was quoted as saying in a statement today. Shah said that a “senior authorised representative attended the Enforcement Directorate’s summon with the requisite information on his behalf” as he was unable to go in person.
Media reports suggest that Mr. Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of our group companies, is alleged to be connected to Capstone. Let me reiterate that he 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.Rashesh Shah, Chairman & CEO, Edelweiss Group
Alleging that the media has “reported false allegations, conjecture and innuendo”, Shah said he was “compelled” to take appropriate legal action against the concerned media group—which he didn’t name—in order to protect and reinforce the reputation of the financial services company.
On Friday, Bloomberg News reported citing an unnamed official, that the Enforcement Directorate had summoned the group’s Chairman Rashesh Shah in connection with an alleged foreign-exchange violation by his firm.
Shares of the Mumbai-based company tanked nearly 10 percent on Friday—its biggest slide since October 2019.