Vikas Ecotech Denies ED Inquiry Links, Takes Legal Action
Vikas Ecotech Limited has issued a clarification denying any connection to an Enforcement Directorate (ED) investigation into alleged export-import transactions. The company states that the investigation concerns unrelated third parties and that any reference to Vikas Ecotech is based on allegedly false documents. The company has obtained verified records proving no connection to the entities under investigation. Vikas Ecotech has initiated legal proceedings, including filing before CESTAT Mumbai and civil and criminal proceedings in UAE. The company assures that these developments do not affect its operations or financial position.
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Vikas Ecotech Limited has issued a comprehensive clarification regarding recent media reports linking the company to an Enforcement Directorate (ED) investigation. The New Delhi-based specialty polymers manufacturer categorically denies any connection to the alleged export-import inquiry, emphasizing that the investigation pertains solely to unrelated third parties.
Company's Position on ED Investigation
Vikas Ecotech has unequivocally stated that the ED investigation concerns entities and individuals with whom it has had no dealings, interests, or association, either direct or indirect. According to the company's statement, any reference to Vikas Ecotech appears to have arisen from questionable and unreliable inputs, including allegedly false and manipulated documents that do not reflect actual facts.
| Parameter | Details |
|---|---|
| Investigation Scope | Alleged decade-old export-import transactions |
| Company Involvement | No dealings, interests, or association |
| Document Authenticity | Allegedly false and manipulated |
| Company Position | Complete denial of any connection |
Verified Records and Evidence
To establish the factual position, Vikas Ecotech has independently obtained authentic ownership and beneficial interest records from government-backed and credible independent agencies. These verified records clearly demonstrate that neither the company nor its promoters, officers, members, or employees has ever had any direct or indirect connection with the entities or individuals under investigation.
Legal Actions Initiated
Following directions from the Gujarat High Court, where an earlier stay was granted in favor of the company and subsequently vacated with liberty to approach the appropriate forum, Vikas Ecotech and its promoters group have initiated multiple legal remedies:
| Legal Action | Details |
|---|---|
| CESTAT Proceedings | Filed before Customs, Excise and Service Tax Appellate Tribunal, Mumbai |
| Purpose | Seeking appropriate relief and formal declaration of non-involvement |
| UAE Proceedings | Civil and criminal proceedings initiated |
| Target | Actual individuals responsible for disputed documents |
Business Operations Unaffected
The company has confirmed that these developments have no impact on its operations, financial position, or strategic outlook. Vikas Ecotech remains fully committed to the highest standards of governance, transparency, and regulatory compliance while actively cooperating with all authorities.
About Vikas Ecotech Limited
Vikas Ecotech Limited operates in the specialty polymers and additives sector, serving diverse applications across agriculture, infrastructure, packaging, electrical, automotive, and pharmaceutical industries. The company holds the distinction of being the only manufacturer of Organotin heat stabilizers for vinyl applications in India, with in-house research and development facilities. Vikas Ecotech has expanded its portfolio to include consumer products, plasticizer manufacturing, and infrastructure development-related products, including steel supply to construction companies in Northern India.
Historical Stock Returns for Vikas Ecotech
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.40% | -2.92% | +3.75% | -30.54% | -43.73% | -31.97% |
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