 "Zylog Systems plans to take legal actions against former promoters")
Zylog Systems Limited has decided to take action against former MD-COO Ramanujam Sesharatnam and Former Chairman-CEO of the company Sudarshan Venkataraman.
The company alleged that both of them have suppressed and concealed vital information from the administrator and present management of the company.
The company alleged that both of them have suppressed and concealed vital information from the administrator and present management of the company.
The company alleged that both of them have wilfully evaded the administrator's queries from the month of March 2016.
While both the accused were not available, Zylog reported about the same to BSE.
The Board has decided to initiate a 'Forensic Audit' in order to better ascertain the financial and legal status of the company's subsidiaries/ branches outside India including in US, UK and Singapore.
The Board also decided to initiate legal proceedings against Sesharatnam, Venkatraman and various other individuals and entities if any transactions/ activities undertaken by them or at their behest is found to be fraudulent and or against the interest of the company.