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KRBL weighs payout to appease shareholders India’s largest basmati exporter is seeking to mitigate the damage emerging out of a regulatory action
The promoters of India’s largest basmati exporter KRBL Ltd may consider rewarding its shareholders by way of buyback or issuance of bonus shares as they seek to mitigate the damage emerging out of a regulatory action.
In an investor meet on December 10, a day after the Enforcement Directorate (ED) filed prosecution complaint against Anoop Kumar Gupta, joint managing director of KRBL and one of the promoters, in an UPA-era defence deal, the company assured the shareholders to call a board meeting to discuss the proposals.
KRBL slips 6% as ED names company in chargesheet in Embraer deal
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Since the low hit in March, it has gained nearly 176%, while so far this year it has declined 6%..
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MUMBAI: KRBL Ltd on Thursday fell nearly 6% after the company was named in a chargesheet filed by the Enforcement Directorate in a money laundering case linked to aircraft manufacturer Embrarer.
The stock was at ₹251 on BSE, down 6.12% from its previous close, while India s benchmark Sensex fell 0.51% to 45869.12 points. Since the low hit in March, it has gained nearly 176%, while so far this year it has declined 6%.
The ED case is based on a 2016 CBI FIR which had booked NRI arms dealer Vipin Khanna along with Embraer and Singapore-based Interdev for alleged payment of commission in the UPA-era deal.
The Enforcement Directorate (ED) has filed a charge sheet in a money laundering case linked to a UPA-era defence deal with Brazilian aircraft manufacturer Embrarer SA, Singapore-based Interdev.