A mini storm appears to be brewing in the smallcap equities market after the Enforcement Director seized the assets of several entities for their alleged involvement in the Mahadev betting scam
According to the ED, Tibrewala has been laundering the proceeds from the betting operations by investing the money in shares of companies listed on the BSE and NSE.
In the last 5 days, the shares of North East Carrying Corporation have given a return of 11 per cent to the investors while in the last one month it has given a return of 19 per cent.
NECC has received a letter of acceptance (LoA) from the GAIL (India) Ltd, a top central public sector undertaking under the Ministry of Petroleum and Natural Gas.
NECC reported a 50 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 1.48 crore in the June 2023 quarter, which stood at Rs 0.96 crore in the year ago period.