In a chat with ET Now, Arup Thakur , CFO, Pincon said that,” the inclusion of the name of Pincon Spirit in the list of Shell companies business was surprising to us. We being primarily into the liquor business.” Edited excerpts:
ET Now: Can you just first clarify for us what exactly has been communicated to you with respect to this SEBI notice?
Arup Thakur: I just came to know about this notice yesterday night so now the concern is exactly the communication that we have received from stock exchange SEBI. The inclusion of the name of Pincon Spirit in the list of Shell companies business was surprising to us. We being primarily into the liquor business and also in the FMCG we are having six of our production unit.
Every day we are paying government duties, so we really do not fit into the definition of a shell company. So it is really surprising for us and definitely we will look into the information that is being sort by the regulators and will comply with that because till now Pincon Spirit has got a clean track record of complying with all the regulatory formalities requirements and inquisition from time to time. So here also there should not be an exception and we are taking very urgent steps and we will try to mitigate the thing.
ET Now: Can you tell us that if in the past has SEBI or any of the exchanges sought any kind of information from you regarding any kind of regulatory information whether the promoters or the board of directors have actually been in the market or anything to comply with financials, anything….?
Arup Thakur: No. So far, to the best of my knowledge there is no such thing, number one and number two, all the corporate developments and all the corporate actions, we are very prompt to put into the public domain for the information of our shareholders, so no such instances are there which should have a bearing on this.
ET Now: So what will be your next step? You were saying that you were surprised and you have been complying with all the regulators so far so what will your next step be?
Arup Thakur: We will immediately interact with the regulators and the process is already on. So it will be on war footing basis so that we need to come out of this.
ET Now: We know that this is the activity which the government is trying to put alongside IT department of official exchanges regulators and whether rightfully or wrongfully your company name has also occurred here, is something we will know maybe later. But wanted to understand that does your business model also take into account movement of money across the countries or yours is a completely domestic focussed company?
Arup Thakur: That is what I am trying to hint there that we are yet to know the reason why they are putting into this, so definitely we need to interact with the regulators. It is very early to comment right now. We will honour the views of the regulators and definitely if at all there is any short comings in their eyes, it will be taken care of by the management of company.
ET Now: Have you sought legal help? Have you spoken with your legal team? Are you responding to the circular from the exchanges, between the morning and right now what has been the activity at your level, how are you responding?
Arup Thakur: As I was telling I was travelling in the morning. I have just landed. So definitely by the end of the day we will be able to know. Definitely our team is working and they are attending so I will just go down and I will have a look what are the developments.
ET Now: One of the biggest things which has happened is now companies including your will be traded only once a month and there are other things which… so would you challenge this, would you take up because your shareholders and the entire shareholding including promoters of course they would be barred from raising money in the market or all those activities have been put on stop so will you at least challenge it?
Arup Thakur: So right now it is too early to comment on this, let things work out then I will be in a better position to comment on this.
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