That was ED and they had confidently made bold statements in their website. To promoter Nandakumar’s credit, they were very transparent from day one saying its an old issue from one disgruntled individual, company arranged for investor call immediately and finally the HC closed the case.
I bought into the weakness in Manappuram and have been holding since then. Similarly I was looking into Polycab whether this is a good entry point, had it in the past but had sold off due to valuation concerns. First off, company’s response does not give any confidence – they are acting like Government department saying we have not received any written communication. My worry is if the promoters has done hera-pheri, how can we be sure of their reported numbers.
Few questions i had:
- Why the fine amount (if any) should be paid by the company? Shouldn’t the promoters be personally liable if they had personally benefited from the hiding of income.
- What are the chances of promoter getting arrested in future – under IT laws, under ED’s PMLA laws
- Any one knows if the promoters have any political affiliations
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