I have gone through the latest updates from the Company to NSE. Incidentally, this update Dt 16.04 in BSE site is not opening, as it is showing “since moved”.
The Company has not taken any initiative for Forensic Audit, to ensure that everything comes out. They are still referring to initial investigation. This is a serious flag.
The Company is yet to disclose details of fraud to enable us to ascertain Company’s liability, though they assure that there will not be any financial implications. In my opinion, bank borrowing on the basis of fraud documents, will not be company’ s liability. But what are the other transactions? Civil suit has no meaning, as we know that in India they take decades to be resolved.
Overall, it is a serious negative hang on the quality of management. I am not much hopeful of recovery of amount. But much apprehensive that the amount may be much bigger.
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