Bikaji Foods MD Summoned by ED Over Rajasthan Premier League Probe
Bikaji Foods International Limited, a popular FMCG company known for its snacks, has landed in the spotlight after the Enforcement Directorate (ED) summoned its Managing Director. This comes as part of an ongoing investigation into the Rajasthan Premier League (RPL), a cricket tournament run by the Rajasthan Cricket Association.
The company shared the details in a stock exchange filing on Tuesday. According to the statement, the ED wants the MD to show up in person and hand over records linked to Bikaji’s transaction with the cricket association. "We’ve received this summons, just like other parties involved in the RPL," the filing explained. It stressed that the company’s role was purely as a sponsor of the event.
Bikaji quickly cleared the air about its involvement. "Our part in the Rajasthan Premier League was only sponsorship, done as part of our regular business to boost promotion and brand visibility," the company said. They added that they had zero hand in managing, running, or operating the league beyond that sponsorship deal.
To keep things transparent, Bikaji assured everyone that all sponsorship payments went through proper banking channels. "Every payment is fully documented and accounted for," they noted. The company also promised to share all records with the ED whenever asked, emphasizing that this sponsorship was just a smart move for business growth.
Bikaji Foods reiterated its full cooperation with the authorities in this Enforcement Directorate investigation. No further details on the probe have emerged yet, but the company seems focused on sticking to the facts.
On the stock market front, shares of Bikaji Foods dipped on Tuesday. They closed at Rs 773 on the Bombay Stock Exchange (BSE), down by Rs 12.75 or 1.62%. Investors are keeping a close eye on how this ED summons plays out for the snack giant.
This development adds intrigue to the Rajasthan Premier League controversy, with more eyes on the cricket association and its sponsors. Stay tuned for updates on the investigation.
