SHILLONG: A city-based businessman Rohit Jain, whose name figured in Panama papers, has clarified that all their investments are within the ambit of Indian laws and there are no violations.
In a statement issued here on Wednesday, Jain said that his family and friends are based in Meghalaya since decades and they carried out their business with sincerity and due diligence over the years.
“All our investments are hundred percent within the ambit of Indian laws and no violations are being done”, he said
According to Jain, the Income Tax department is already doing the needful and as such it is sub-judice at this stage to conclude any personal opinion on their investments.
“The law of the country will prevail at the end of the day”, Jain said
According to Jain, since the subject matter of offshore investment is being investigated by the Income Tax Department across India of all individuals, there is a need to wait for the final outcome.
With reference to CMJ Breweries, Jain said that it is one of the top class units in the country, which has been appreciated by the Public Undertakings Committee of the Meghalaya Legislative Assembly recently during their spot inspection.
“The unit has been set up with the support of family, friends and financial institutions which is exporting its products across the country and Europe”, he said.
The Company has naturally availed loan and others from various financial institutions which is very normal for any industry and no undue advantage has been provided by anybody whatsoever, Jain added.
He also expressed surprise as to why no one has mentioned about CMJ Breweries generating revenue of more than Rs.130 crore for the state government in the last financial year.
“Since its inception the Unit has generated more than Rs.300 crore as revenue for the state government”, Jain said
Moreover, the Unit employs hundreds of local people and local contractors from the surrounding areas directly and indirectly on a daily basis thereby providing crores of rupees as salaries and wages, he said.
