Posts in category All News
Adani Enterprises update on proposed merger of Adani Cementation with Ambuja Cements (27-06-2024)
Sensex rallies 569 pts, Nifty ends above 24K; IT stocks climb (27-06-2024)
Stock market update: Fertilisers stocks down as market rises (27-06-2024)
Board of Ambuja Cements approves merger with Adani Cementation (27-06-2024)
Stock market update: FMCG stocks down as market rises (27-06-2024)
Sensex rises! But these stocks fell 5% or more in Thursday’s session (27-06-2024)
High delinquency levels among personal loan borrowers a worry (27-06-2024)
Can an investor raise a complaint for no response? (27-06-2024)
Thank you for your suggestion!
I have received this reply from the company side. I have decided to stay away from this company as I am not convinced with their response. However, forum member should do their do diligence before taking any decision. I am posting their response for the benefit of the forum members.
Dear Mr. Kumar,
I hope this email finds you well.
I am writing this in response to your email dated June 18, 2024, regarding a potential conflict of interest involving Mr. Vasu Naren, Managing Director and Chairman of Sona Machinery Limited, and his shareholding in CAN Engineering Solutions Pvt Ltd.
I would like to address your queries as follows:
- Ownership Structure of CAN Engineering Solutions Pvt Ltd:
The remaining 50% shares in CAN Engineering Solutions Pvt Ltd are not held by Sona Machinery Limited. They are held by an independent individual unrelated to Sona Machinery Limited. This structure ensures that there is no direct overlap in ownership between Sona Machinery Limited and CAN Engineering Solutions Pvt Ltd.
- Measures to Address Potential Conflicts of Interest:
We are committed to upholding the highest standards of corporate governance and ethical business practices. Mr. Vasu Naren’s involvement in CAN Engineering Solutions Pvt Ltd is closely monitored to ensure that his duties and responsibilities at Sona Machinery Limited are not compromised. Sona Machinery Limited aims to maintain transparency and fairness in our operations.
- Current Business Status of CAN Engineering Solutions Pvt Ltd:
CAN Engineering Solutions Pvt Ltd is currently not engaged in any business activities and does not have plans to take up any new business in the foreseeable future. This ensures that there is no direct competition or conflict of interest between CAN Engineering Solutions Pvt Ltd and Sona Machinery Limited.
We appreciate your concern and are committed to maintaining the highest standards of corporate governance.
Should you have any further questions or require additional information, please do not hesitate to contact me at cs@sonamachinery.com or call at +91-8448984368.
Thank you for bringing this matter to our attention.
Regards,
Supriya