Many of the stocks that are in the portfolios of the accused have given multibagger returns. Gensol Engineering, for example, which has given an eye-popping return of 800% in just 2 years, has lost one-third of its value since March 1.
“Zenith, a passive shareholder since September 2022, holds less than 1.5% in Gensol and holds neither decision-making rights nor any involvement in the business and operational strategies of the company,” Gensol said in a regulatory filing.
Tibrewala invested in the Indian stock market through entities such as Zenith Multitrading DMCC, Ability Games, Tano Investment Opportunities Fund, Brilliant Investments, Discovery Buildcon, Forest Vincom, Dreams Achievers Consultancy Services, Caterfield Global DMCC, Ecoteck General Trading, Sawarnbhumi Vanija Private, and Yudiz Solutions.
Gensol said any developments related to Zenith will have no impact on our growth trajectory or strategic vision. But the stock ended 5% in lower circuit on Thursday when most smallcaps rebounded.
Similarly, Cellecor Gadgets has fallen 37% this month, Toyam Sports 31% and Sigachi Industries 29%.
Hyderabad-based Sigachi also denied any connection whatsoever with Tano Investment Opportunities Fund and Caterfield Global DMCC.
“The company has no control and access to its shareholders and their business/private transactions. Sigachi reaffirms that its business operations across its five Production facilities, and subsidiaries are unaffected and the scheduled capex plans and commissioning schedules are not impacted,” Sigachi said.
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Other companies which have distanced itself from the accused in the case include North Eastern Carrying Corporation, Pritika Auto Industries, Cellecor and Servotech Power.
Last week, the Enforcement Directorate (ED) said it has frozen shares worth Rs 1,100 crore held in demat accounts linked to the accused in the case.
“…As on 29.02.2024, the Indian companies under control of associates of Hari Shankar Tibrewal held around securities worth Rs 580 crore in stock portfolios. That the foreign entities also invested in India via the FPI route and as on 29.02.2024 they were found to be holding securities worth Rs 606 crore in stock portfolios,” the ED had said in a statement on Friday.
Investigators have found that the fugitive promoters of the Mahadev app used a betting website ‘skyexchange’ to divert funds through companies under Chokhani’s directorship to stock portfolios. The ED suspects most of these were small and mid-cap stocks.
(Data: Ritesh Presswala)
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