Home >Markets >Stock Markets >KRBL slips 6% as ED names company in chargesheet in Embraer deal

MUMBAI: KRBL Ltd on Thursday fell nearly 6% after the company was named in a chargesheet filed by the Enforcement Directorate in a money laundering case linked to aircraft manufacturer Embrarer.

The stock was at 251 on BSE, down 6.12% from its previous close, while India's benchmark Sensex fell 0.51% to 45869.12 points. Since the low hit in March, it has gained nearly 176%, while so far this year it has declined 6%.

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The ED had filed chargesheet in a money laundering case linked to a UPA-era defence deal with aircraft manufacturer Embraer. It has also named Brazil Interdev Aviation Services Pte Ltd, Anoop Kumar Gupta director of KRBL, Anurag Potdar and others.

The case pertains to payment of alleged commission by Embraer to clinch the $208 million deal with India.

However, KRBL has claimed that the allegations leveled by the ED were false, frivolous and baseless. The company said it has not entered into any sham agreement with any entity.

"We have been cooperating with the entire investigation by the ED for the last three years and have given all documents asked by the ED, none of which in any way cement the allegations advanced by the ED," the company said in a clarification to exchanges.

"The prosecution complaint has been filed by the Enforcement Directorate, only with the sole intention of attempting to justify its illegal attachment orders, wherein they have failed to take possession of the property due to the interference of both the Hon'ble Appellate Tribunal and the Hon'ble High Court", the company added.

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