BL Kashyap & Sons is frozen at the 20% lower circuit at Rs 15.2 on reports that the Employees' Provident Fund Organisation (EPFO) asked the company to fork out Rs 593 crore in provident fund (PF) dues and penalties.
"The EPFO has warned that if the company fails to pay up by August 15, recovery proceedings will be initiated against it for evasion of workers' PF payments from April 2005 to December 2010," the Economic Times report suggests.
The country's retirement fund regulator has also filed a police complaint against top officials of the company for forging employee muster rolls and submitting fake records, after a forensic analysis revealed the same thumb impression had been put against the records of several employees.
A combined 844,156 shares have changed hands on the counter till 0949 hours. There are pending sell orders for 2.35 million shares on the NSE and the BSE.