S RAVI, former president of the Bombay Stock Exchange (BSE), expressed a deep concern about the recent accusations surrounding Fuller, and added that such incidents will damage the confidence of investors and the broader perception of new companies will be extended.
S RAVI (Sethurethnam Ravi), the former president of the EEB and founder of Ravi Rajan & Co, warned that such shares could shake the confidence of investors in the new companies and the credibility of the equally established startups.
Recently, the Market Securities and Exchange Board of India (Sebi) marked issues related to the alleged presumption of fundnational diversion and falsification of documents against Gensol Engineering LTD, which affected Extinglled Mart, which led to the closure of the company.
Anmol Singh Jaggi together with his brother Puneet Singh Jaggi are the co -founders of the extinction of Mart and the directors of Gensol Engineering, an engineering firm and solar services based in Ahmedabad. Both have renounced the position of directors after the notice of Sebi.
“It is not good for two reasons. Once the new investors, the new companies will come there, these people (investors) will not begin to finance them at all, (what) stop financing. They will feel that new companies are only personal gains and valuations,” is not a good good good
“The second of a very good brand because Fire Mart is not a very small brand because it is very well built. They demolished it … They demolished it for personal profits. They would have earned their money, but you know that this shortcut is not a right -wing.
The former president of BSE stressed that there were accusations for the exchange of privileged information, as well as poor management and fun of funds.
By definition, the privileged information trade is to buy or sell the shares of a company using non -public confidential information.
“There were two trigger points. First, the price that occurred from participation. There were many complaints about internal trade. Secondly, there was a vision blower, and there were complaints against this company. Certain deficiencies.
In the future, Ravi suggested that new companies and promoters should communicate more and make more honest revelations to stop such incidents.
“The start community must start communicating now with all lenders and interested parties and show confidence that everyone is working together in a good government structure,” he added.
Speaking about the roles of independent directors and auditors, he said that promoters should provide precise information for better disseminations.
