In exclusive chat with UPL CEO, JR Shroff calls allegations against him 'malicious' even as share price plunges

Allegations of misappropriation of funds in UPL have been reported recently and, to clear the air, UPL Chief Executive Officer JR Shroff spoke exclusively. Shroff said that there was no truth in the news and it was being done with “malicious intent”. It has been alleged that at least 8 companies were associated with one address and transaction worth crores were done with respect to rentals. 

Shroff said that this matter is related to 2016. The allegations have been made by a company whistle-blower and is related to arms-length transaction, he added. The whole issue was investigated and an audit committee reviewed the transaction, after which the issue was put to rest, Shroff further said.    

“There is no other transaction with UPL other than rental of house,” Shroff said adding that he is staying at this house.  

He said that the audit committee and a top law firm had reviewed the agreement documents and added that there is no truth to the allegation that have been levelled. 

Shroff said that he is living in the house that is in question.  

The CEO said that he did not have the clue why the matter suddenly popped up, when it was already put to rest.  

He reiterated his stand calling it a “malicious intent” and said that there is nothing sensational about this issue.  

He said that his transactions were completely disclosed and transparent.  

As for any enquiries done by market regulator SEBI, the CEO said that it has nothing to do with the issue.  

UPL share price today ended down almost 11 per cent on NSE at Rs 437. 

Shroff said that he will review the issue with the company secretary and lawyers on how to deal with the issue.