Mumbai 13 January 2020: Finance Intellect has learnt from reliable sources that financial services firm Edelweiss has served a legal notice of defamation on the India Today Group following the latter’s publication of news about its CEO Rashesh Shah being summoned by the Enforcement Directorate (ED). Terming it as a ‘big forex smuggling racket’ busted by the ED, the channel aired the news on 10th Jan 2020 as breaking news.
Mr Shah has however refuted all the allegations made against him in a statement issued to the media late Sunday evening saying neither he nor his group has any connection with Capstone – a forex firm under investigation by the ED.
Distancing himself from the entire episode Mr Shah in his statement had said “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”.
Refuting all the allegations of FEMA violations, Rashesh Shah, said that any information that will be sought by the investigating authorities from the group will be provided.
“While it is unfortunate that I was unable to go in person to the Directorate of Enforcement (ED), our senior authorised representative did attend in person with the requisite information” Mr Shah further added. This was particularly with reference to the allegation that the Group and Mr Shah had failed to attend the ED office on receiving summons to do so.
Mr Shah in his statement had already hinted that the company will take appropriate legal action against the concerned media group in order to protect and reinforce the reputation of Edelweiss.
Edelweiss is a home-grown professional financial services group built over 25 years by more than 11,000 employees and 2 million customers.
Also read: The Rise of Fake News in India
