Clarification from Sintex
The ED has undertaken a very general investigation against all the person / entities mentioned in Panama papers, whose registered agent is M/s Mossack Fonseca & Co., a law firm based in Panama. The entity, Sintex BV (company) also shares the same law firm and therefore was part of such investigation.
However, the company is a genuine business entity (in operation since 2007), all the transactions of whose were duly reported and complied with applicable FEMA & RBI regulations from time to time. The Company is fully confident of its understanding of the FEMA Act and is well equipped with facts and records to defend its case successfully against what it perceives as gross misinterpretation of FEMA & ODI guidelines by the ED.
The reported seizure of its properties is only a provisional seizure and not a final order or outcome of any legal case against the company. The seizure is temporary & will only remain in force till the completion of investigation by ED. Also, this seizure does not affect the operations or profitability of the company in any manner whatsoever.
It is also clarified that the investigation is confined to Sintex Holdings BV and not extendable to Sintex Industries Limited or Sintex Plastics Technology Limited. The company further reiterates that it has not done any violation of FEMA guidelines and any charge of technical violation or breach of guidelines by ED is incorrect and lacks complete understanding of the facts, law and guidelines.