“The Board of Directors in its meeting dated 31st March, 2022, considered such issues and in the best interest of the company and all its stakeholders decided to approve contributions to political parties by way of subscription to the electoral bonds in one or more tranches aggregating not more than ₹40 crores for the financial year 2022-23,” said the IFB release. IFB shares fell 4.3% to close at ₹659.25 on Friday. Its market capitalisation was about ₹617 crore.
The company said the communication about the excise-related issues are “in continuation to our earlier letters to the Stock Exchanges.” IFB could not be reached for comment.
In December 2020, IFB Agro had said its alcohol business had been “suffering-and is under threat”. “…we have been singled out by certain excise officials for not succumbing to their illegal demands – have requested the Hon’ble Chief Minister of West Bengal and also from Hon’ble Finance, Commerce and Industry Minister of the State of West Bengal to look into/investigate the same,” the company said in an exchange disclosure then.
In the same announcement to the exchanges in December 2020, IFB Agro said “no offenders have been brought to book” for alleged violence at its distillery in West Bengal in June 2020.
“…we had informed that our Distillery, which is situated in Noorpur, South 24 Parganas, West Bengal was attacked on 25th June, 2020, by a group of more than 150 armed goons resulting in forced closure of the Distillery,” the disclosure said.
