ED seizes Dabur India director's assets worth Rs 21 cr
New Delhi, May 22: The Enforcement Directorate on Tuesday seized assets worth Rs 20.87 crore belonging to the director of Dabur India Limited under Foreign Exchange Management Act (FEMA) for holding assets abroad.
The seizure order has been issued pursuant to an investigation which prima facie revealed that the company's Director Pradip Burman had deposited $3.21 million in his account with the Hong Kong and Shanghai Banking Corporation (HSBC) in Zurich, according to ED officials.
Burman declared before the Income Tax Department that he had earned the amount, but had not shown it in the IT returns, filed in India for the period 2007-08.
After the investigation, the IT Department filed a prosecution complaint against him in the court of metropolitan magistrate, which is pending trial.
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Some hotels switch to alternative methods to cook; panic buying of fuel subsides
Chennai (PTI): A section of hotels and restaurants operating in Chennai and parts of Tamil Nadu have commenced using alternative methods to keep the business running in view of the commercial LPG shortage, officials said.
Some of the alternative methods of cooking that hoteliers said they were adopting include induction stoves and firewood. They said they adopt these methods in addition to the tweaking of menus in order to minimise LPG usage.
A top official of a city-based popular restaurant chain told PTI, "We have moved to using induction stoves. Most of our branches are using this facility now, as we have adequate infrastructure to prepare the food on the induction stoves".
Asked whether food prices would increase as induction stoves consume electricity, he replied in the negative, stating, "We are not increasing the prices. Currently, we are running our operations instead of shutting down."
A representative of Tamil Nadu Hotels' Association said that since kitchens of most of the hotels are constructed in such a way that they can use only LPG, not firewood.
"Those who have the facility to use firewood or induction may run their business. But most of them do not have that comfort. Second, using firewood also leads to air pollution," the official said.
Meanwhile, industry sources said fuel pumps are slowly getting back to normalcy as people have stopped panic buying of petrol and diesel.
"Over the last two days, there was panic buying, many ignored appeals and stood in queues for more than 2 hours to get their tank filled. Since there was a huge demand, existing stock dried up, and we were forced to shut." Gopi Bhaktavatchalam, an IndianOil dealer in Ashok Nagar in Chennai, told PTI.
"I have been individually appealing to the people not to fall for this panic buying, as it was spreading across the country. We are not Pakistan, where fuel outlets go dry due to a shortage. We are Indians, and our Hon'ble Minister Hardeep Singh Puri had told us that we have adequate reserves for 70 days. Despite such an assurance given by the government, people thronged fuel outlets. As a retail outlet, we were unable to meet the huge demand," he said.
For Saturday, he said the oil major has supplied inventory, and gradually the situation is 'returning to normalcy'. "People have realised that they fell into the trap of panic buying. Situation is returning to normalcy."
He continued: "Yesterday alone, this outlet sold more than 50 per cent higher than our usual daily sales".
Meanwhile, in a notification to fuel pump dealers, IndianOil Corporation directed its fuel outlets to avoid filling petrol and diesel in "bottles and containers."
"Under the Petroleum Act of 1934, Retail Outlets are typically only licensed to dispense fuel directly into vehicle tanks or approved specialised containers. Selling in loose bottles is a violation that can lead to serious violations and endanger public safety," the notification said.
Plastic bottles and other containers can be dissolved or made brittle by petrol, leading to leaks, spills and dangerous chemical reactions, it said. "Guidelines and restrictions are also in place to prevent the misuse of fuel for antisocial activities or criminal acts," it added.
