Published
Mar 16, 2018
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Rosy Blue Group clarifies stand on loan default, terms allegations as baseless

Published
Mar 16, 2018

Rosy Blue Group, one of the world’s largest diamond jewellery companies in a statement has clarified its stand on the recent allegations made against several diamond firms for defaulting bank loans.
 

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The company in a statement said that it has not defaulted on any bank loan and is not being prosecuted in any default case.

All diamond firms have come under scrutiny after a billion dollar scam unfolded involving two jewellery majors Nirav Modi and Gitanjali Jewellers.

To add fuel to the controversy, political parties have been make accusations against several firms and Rosy Blue’s statement is a clarification to one such statement made by Anand Sharma a leader in the opposition Congress party.
 
According to a PTI report, Sharma had alleged that that Prime Minister Narendra Modi “helped and facilitated” signing of diamond purchase agreements between 12 Indian firms and Al Roza Group of Russia.
 
Clarifying the company’s stand on the same, Rosy Blue (India) Managing Director Russell Mehta said the group has a clean credit history with no instance of default.
 
“The group is an extremely reputed group of diamond traders and is highly respected within the industry. The group has a clean credit history and at no instance has any of its entity defaulted on any bank credit availed by it,” he said in a statement.
 
“We explicitly deny that any such proceedings are pending or have ever been initiated against us,” he said adding the statement about Rosy Blue Group being prosecuted is “incorrect, baseless, defamatory and hence, denied,” he added.

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