Mawana Sugars Limited, in a disclosure under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements, informed stock exchanges about receiving notices from the Anti-Corruption Branch (ACB) of the Government of NCT of Delhi. These notices were addressed to its two sugar production units—Nanglamal Sugar Complex and Mawana Sugar Works, located in Meerut, Uttar Pradesh.
The notice seeks details regarding transactions involving an agent, M/s Rajender Kumar & Company, which allegedly facilitated sugar purchases over the years.
The investigation stems from gross GST refunds allegedly claimed fraudulently by bogus firms in collusion with GST officials. The Anti-Corruption Branch has already arrested multiple accused individuals, including GST officers. During account screening, the role of M/s Rajender Kumar & Company came to light, with links to sugar purchase transactions involving Mawana Sugars’ units.
Information Requested:
The authorities have directed Mawana Sugars to submit:
Although not legally obligated to disclose under Regulation 30, Mawana Sugars has made the announcement out of abundant caution. The company remains committed to cooperating with the authorities.
On the intraday charts, Mawana Sugars’ share price slipped below the ₹100 mark during early trading but showed a slight recovery from intraday lows. As of 9:45 AM, the stock was trading at ₹101 on the NSE, reflecting a 1.70% decline.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 17, 2024, 1:18 PM IST
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