Business · India Bureau
PVR Inox denies kickback allegations as CEO steps down
The multiplex operator has dismissed claims of a Rs 200-crore kickback scheme, stating it has found no evidence of wrongdoing. The company's CEO departure is attributed to personal reasons, according to a statement released by the chain.
LSN India ·
PVR Inox Limited has categorically denied allegations of a Rs 200-crore kickback arrangement, asserting that an internal review has uncovered no substantive evidence supporting the claims. The statement came as the company addressed concerns raised regarding potential financial impropriety in its operations.
The cinema chain emphasized that it maintains robust governance frameworks designed to oversee all business activities and stakeholder engagements. According to the company, established policies, processes and internal controls guide its operational conduct and ensure compliance with regulatory requirements.
The departure of the company's Chief Executive Officer has been attributed solely to personal considerations, the statement indicated, with no connection drawn to the ongoing allegations. The timing of the announcement coincided with the company's response to the kickback charges, though officials maintained the resignation remained independent of the controversy.
PVR Inox, India's largest cinema chain operator, has committed to maintaining transparency in its dealings. The company's leadership reiterated its commitment to upholding ethical business standards and said it would continue to cooperate with relevant authorities if required to address any outstanding queries related to the matter.