Calling the arrest of its former executive director Ratul Puri by Enforcement Directorate (ED) as "unfortunate", Moser Baer on Tuesday said that the company had operated in accordance with all legal compliances while adding that the case is 'motivated.'
"The arrest by Enforcement Directorate is unfortunate. Moser Baer had operated in accordance with all legal compliances and this case now, when Moser Baer is in National Company Law Tribunal (NCLT), is motivated," Moser Baer said in a statement.
Puri, the nephew of Madhya Pradesh Chief Minister Kamal Nath, was arrested in connection with Rs 354-crore bank fraud case. He was arrested after the ED questioned him and will be produced before a court today.
On Sunday, the Central Bureau of Investigation (CBI) had booked Puri, the then executive director of Moser Baer, and four others in connection with the bank fraud case. Besides Puri, those who were booked by the agency are -- Deepak Puri, Nita Puri, Sanjay Jain, and Vineet Sharma.
They have been booked for alleged criminal conspiracy, cheating, forgery and corruption on the complaint filed by Murali Chetturi, a deputy general manager of Central Bank of India.
Puri is also an accused in a money laundering case connected to Rs 3,600-crore Agusta Westland VVIP chopper scam.
On Monday, Special CBI Judge Arvind Kumar had reserved the order for August 21 on Puri's plea seeking cancellation of a non-bailable warrant (NBW) against him in the case.
On August 14, the Delhi High Court had granted Puri interim protection from arrest till August 20.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)