A hit that brand Everonn Education has taken in the past few days prompted some investors like Morgan Stanley Mauritius Company Ltd to sell their shares on Wednesday. The value of the shares sold in the market was Rs 50.33 crore, while that of what was bought totalled Rs 42.70 crore.
Bulk details data of the Bombay Stock Exchange showed the total number of shares sold at 19,87,272, and that bought at 16,86,417.
The companies that sold include Morgan Stanley Mauritius (1,97,602 shares at Rs 244.45 a share), R M Shares Trading Pvt Ltd (1,05,342 at Rs 252.82), GKN Securities (1,57,582 at Rs 253.91), JMP Securities Pvt Ltd (1,50,667 at Rs 251.45), JF Eastern Smaller Companies Fund (1,11,953 at Rs 250.59), Crosses Capital Services Ltd (6,04,637 at Rs 256.10), AKG Securities and Consultancy Ltd (3,00,188 at Rs 254.41), Eurekha Stock and Broking Services Ltd (1,16,971 at Rs 254.65) and Chandarana Intermediaries Brokers Pvt Ltd (2,42,330 at Rs 253.72).
On the buying side, Chandarana Intermediaries Brokers (2,42,330 at Rs 253.22) Everonn Crosses Capital Services (6,04,637 at Rs 255.34) A K G Securities and Consultancy (3,00,188 at Rs 254.26), JMP Securities (1,59,367 at Rs 242.85), Eurekha Stock and Broking Services Ltd (1,16,971 at Rs 254.14), GKN Securities (1,57,582 at Rs 253.43) and R M Shares Trading Pvt Ltd (1,05,342 at Rs 252.88).
On August 30, the CBI arrested Everonn Education Ltd managing director P Kishore and two others in a bribery and tax evasion case. The principal special judge for CBI cases later ordered police custody for five days on Monday. The order came in response to a petition that was filed by the Anti-corruption Bureau (ACB).
Kishore had allegedly concealed taxable income to the tune of Rs 116 crore. After the detection of taxable income, he contacted the ACB’s additional commissioner through a chartered accountant to reduce the income tax liability. After holding negotiations, he requested the additional commissioner to suppress Rs 60 crore of the total taxable income, according to the CBI.
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It was alleged that on August 4, 2011, the additional commissioner organised search and survey proceedings under the Income Tax Act in the premises of Everonn, which provides in-school education through internet and V-SAT.
“The negotiations reached a final settlement that Kishore should give Rs 50 lakh as bribe to Additional Commissioner of Income Tax for concealing the taxable income and reducing his tax liability.”
According to National Stock Exchange’s bulk deals data, the number of shares of Everonn sold was 38,43,665 with a total value of Rs 94.99 crore. The sellers included Blackstone Asia Advisors LLC, which sold 2,72,000 shares at the rate of Rs 250.20 a share, aggregating to Rs 6.80 crore. The total number of companies that sold shares was 18.
The number of shares bought by the investors was 28,44,132, aggregating to a total value of around Rs 70.70 crore. The total number of companies bought was 16.