Would like to offer a slightly different view point here.
Let’s say for argument’s sake that the promoters are guilty. Does that ruin the company’s earning power? Do consumers of India Gate rice stop eating India Gate basmati?
Dont think so.
The only real problem could be if owners fudged the sales numbers, which, if it were the case, would have been discovered by the ED after 2-3 years of digging. And since ED has not been able to provide such evidence, safe to say there is no revenue manipulation going on.
These allegations even if true, have no impact on the earning power of the company and hence no impact on the valuation of the company.