Primarc denies 'wrongdoing'

Kolkata: The Primarc Group has claimed in a written statement that they are not part of any wrongdoing in their business, in response to the story published in Millennium Post on July 4. Siddharth Pansari, director, Primarc Group, claimed that they have been operating their bookstore business in their Elgin Road property for the last 15 years and they own no residential flat in the building.

"So, the question of leasing and renting it to politicians does not arrive," stated Pansari.

He also claimed that like any other corporate group including the Birlas and Tatas, they have multiple companies running different business operations through different SPVs. All the shares of the same are held by bonafide shareholders and these companies have followed all statutory norms. Hence, there is no scope of the companies being Shell/benami as published. Regarding their real estate business, Pansari claimed that they have multiple companies holding and developing lands, only after obtaining all clearances and sanctions by statutory authorities.