Pradeep Burman is a member of the promoter family of Dabur India.
"The Burman family is committed to the highest standards of corporate governance and encourage ethical behaviour at all levels. We wish to state that this account was opened when he was an NRI and was legally allowed to open this account.
"We have followed all the laws and the complete details regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid, wherever applicable. Therefore, it is unfortunate that every person having a foreign bank account is being painted with the same brush," the official statement said.
Pradeep Burman was once a wholetime director of Dabur India but he does not hold any executive position in the company now.
Dabur India is a 130-year-old fast moving consumer goods (FMCG) company that started its journey from erstwhile Calcutta and has around 200 plus products in its portfolio.
The company's stocks were trading at Rs.209.10 per share down 3.10 percent at 2.45 p.m. in the Bombay Stock Exchange.
The central government Monday disclosed names of three people, including Pradeep Burman, who are holding bank accounts in foreign countries and are now under the lens of Income Tax authorities.