"We wish to state that this account was opened when he (Pradip) was an NRI, and was legally allowed to open this account," a Dabur spokesperson said in a statement.
"We have followed all the laws and the complete details regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid, wherever applicable," he added.
Pradip Burman currently holds no position in the homegrowm FMCG major although he was once a Whole Time Director of Dabur India.
Regretting that there was a lack of differentiation between legal and illegal foreign bank account holders, the spokesperson further said: "It is unfortunate that every person having a foreign bank account is being painted with the same brush."
"The Burman family is committed to the highest standards of corporate governance, and encourage ethical behaviour at all levels," the spokesperson added.
Meanwhile, Rajkot-based bullion trader Pankaj Chimanlal Lodhiya, who has also been named as an account holder in a foreign bank, denied having a Swiss bank account.
"We have already declared in the income tax and there is nothing...we don't have any Swiss account that is the only thing which I can say," he said.
"(I have) no idea how I was named in the list. We are in the business for the last 15 years and we have business all over India," Lodhiya added.
He said that he had already submitted details related to his business to the Income Tax department following an income tax raid one and a half years ago.
"These are old issues and we have already replied to them (income tax department)," Lodhiya said, adding he would co-operate with the authorities. "Whatever information they require I can provide them," he said.