Mahadev betting app scam: Dabur India group chairman, director named in FIR; stocks trade 2% lower

Burman Family has sought to increase its existing shareholding of 21.24 percent in Religare Enterprises and launched a legitimate open offer under the SEBI Takeover Code.

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Shares of Dabur India fell 1 percent on November 15, a day after its chairman and director were named in an FIR regarding the Mahadev app betting scam. At open, the stock was trading at Rs 524.70, lower than the Rs 530.10 close on November 13. The market was shut on November 14. The company, has, however, denied the allegations. By 9:40am, the stock was trading nearly 2 percent lower.

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According to a report by ANI on November 14, Dabur Group chairman Mohit V Burman and Director Gaurav V Burman have been named, along with 32 others in the FIR of the ongoing Mahadev betting app case lodged by the Mumbai Police. According to the report, the case was registered on the direction of the 30th Kurla court under Indian Penal Code sections 420 (cheating), 120-B (conspiracy), IT Act (for cyber terrorism), and the Gambling Act.

Also Read: Dabur chairman, director booked in Mahadev betting app scam; Burman family dismisses allegations, says FIR false and baseless

The company released a statement later, refuting all allegations, and said that they have no information about the FIR apart from what was being said in the media. The statement added that this FIR has "curiously come at a time when the Burman Family has sought to increase its existing shareholding of 21.24 percent in Religare Enterprises and launched a legitimate open offer under the SEBI Takeover Code."

In a conversation with CNBC TV-18, Dabur's Mohit Burman said that they should  get all regulatory approvals for the intended increase in stake soon. Burman added that he was ready to answer any queries from regulators and provide any information needed. "The baseless allegations and mud-slinging will continue but we are focussed on our job," he said.

On November 10, the Burman family also filed a complaint with SEBI seeking a probe into the sale of shares by Religare Enterprises Ltd’s Chairman Rashmi Saluja. As per the complaint, Saluja sold her share in Religare Enterprises Ltd (REL) immediately after the Burman family disclosed to her that they intended to make an open offer.

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