Time Technoplast refutes claims of London-based company
The company has clarified that Aburi Composites is making false claims and is spreading rumour against Time Technoplast. The London-based company has filed a FIR with EOW against the company for cheating.
Time Technoplast has said that Aburi had approached the company to purchase 7,50,000 cylinders in 2015/16 for a client in Bangladesh. Later Aburi procured only 75,000 cylinders, thus causing a contractual dispute.
The London-based company has filed a complaint with the Economic Offences Wing (EOW) for cheating, based on which the EOW has filed a FIR against Time Technoplast and its directors, Anil Jain and Naveen Jain. Both the companies, Time and Aburi are claiming dues of US$ 15 million.
Time Technoplast is a major industrial packaging company in India and abroad. It supplies composites cylinders to several LPG distributor including Confidence Petroleum, HPCL and Reliance. While Aburi Composites is engaged in the business of procurement and distribution of composite cylinder, according to news reports.
On Wednesday, the stock of Time Technoplast closed at Rs. 149.30 per share, down by 3.24 per cent.