Shah’s statement further said, as per media reports Sanjay Nathalal Shah, chartered accountant and an independent director of few of Edelweiss Group of companies, is alleged to be connected to Capstone.
Edelweiss Group chairman and CEO Rashesh Shah on Sunday said he has no relationship with Capstone Forex and all allegations of Fema violations against him were false.
“We appreciate that regulators and agencies have an obligation to investigate; if any information is sought from us, as a responsible corporate citizen, we will of course provide the same,” Shah said in a statement.
Shah said while it is unfortunate that he was unable to go in person to the Enforcement Directorate (ED), “our senior authorised representative did attend in person with the requisite information. Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully”.
Shah’s statement further said, as per media reports Sanjay Nathalal Shah, chartered accountant and an independent director of few of Edelweiss Group of 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,” he said.
Shah blamed the media for sensationally reporting false allegations, conjecture and innuendo. “Several have done so without following the standard, responsible practice of first speaking with Edelweiss. Had they done so, you would have been presented with both sides of the story, equally and fairly. We are, therefore, compelled to take appropriate legal action against the concerned media group, in order to protect and reinforce the reputation of Edelweiss”.
He further said “we remain committed to the highest governance standards built on a strong foundation of ethics”.