- Krishna Hing Brand Name and The New Bharat Hing Supplying Company is a family owned business registered in 1957 but the family-owned business spread its roots in pre-independence era.
NE NEWS SERVICE
AHMEDABAD, SEP 15
Stating that the National Investigation Agency (NIA) conducted a raid on the office of New Bharat Hing Supplying Company located in Nadiad on September 5, the management released a statement that “we have done no wrongdoing, the promoters, as law-abiding and responsible citizens, cooperated with NIA team which visited the factory and residential premises.”
According to the company statement, “At the end of the inquiry, the NIA team exonerated promoters of Krishna Hing and also found no wrongdoing on the part of the company in any of its financial/administrative transactions.”
The promoters came under scrutiny of the agency due to certain third party financial transactions for payments towards import of asafoetida consignments from Afghanistan. The inquiry includes many Mumbai and Delhi based asafoetida and dry fruits importers whose payments are also made through same channel.
The decision to route the payments through a third party was executed by the company at the request of Afghanistan based asafoetida exporter due to volatile financial situation after the change of government in Afghanistan, the statement added.
This is to further clarify that promoters of Krishna Hing possess appropriate fiduciary approvals to initiate such transactions permitted under Indian laws.
“At this point, promoters do not want to offer any other comment apart from this statement or want to share any other details about the inquiry/search at their premises as NIA still into the process of probing various angles as part of its overarching investigations,” said Asmakhan Pathan, owner of the company.
It further clarified that “Once again, the promoters reiterate that NIA has found no wrongdoing by the Company and its promoters.”
Krishna Hing Brand Name and The New Bharat Hing Supplying Company is a family owned business registered in 1957 but the family-owned business spread its roots in pre-independence era.
The company started importing raw Hing from Afghanistan in the year 2008 on regular basis and benchmarked compounded Hing business which made Krishna Hing, a trusted household name in Gujarat. Last year, the company imported approximately 200 MT of raw Hing for wholesale consumption of many reputed Hing and masala brands all over the country.
Hing is a traditional spice and medicinal plant gum that is for centuries grown in the mountains of Afghanistan and in Iran. Indian traders traditionally import from these countries.
