PG Electroplast has slipped 5% to Rs 122, its lowest level since its listing on September 2011, after four non-executive independent directors of the company resigned from the board, over the allegations contained in the exparte order passed by market regulator, Securities Exchange Board of India (Sebi).
“Mr. Suresh Chandra Gupta, Mr. Pramod Kumar Mitra, Mr. Prem Pal Malhotra and Mr. Kaushal Chand Singhal, who were the non executive independent Directors of the company have resigned from the board of directors and other committees of the company with immediate effect over the allegations contained in the Exparte Order passed by Sebi,” the company said in a filing to the stock exchanges.
The board of directors in the meeting held January 05, 2012, accepted the resignations of all the independent directors and relieved them with immediate effect, it added.
The market regulator Sebi barred seven companies and their promoters from accessing the securities market. Almondz Global Securities that acted as merchant banker for the IPO of PG Electroplast has been prohibited by Sebi from taking up primary market issues.
A combined 1,587 shares have changed hands on the counter so far on both the exchanges. The stock has plunged 36% since the action taken by the market regulator on December 28, 2011.