Atlas Jewellery to hold 'urgent board meet' on September 6

Atlas Jewellery India will convene an "urgent board meeting" on September 6 to discuss issues amid reports that its chairman has been detained in Dubai for alleged default of over Rs 1,000 crore loans.
"We have not received any formal communication on the various news items reports from Dr Ramachandran, chairman and majority shareholders as on date," Atlas Jewellery India Ltd said in a filing to the BSE.
The stock exchange had sought a clarification from the company amid reports that Atlas Jewellery owner and daughter have been detained in Dubai for allegedly defaulting on loans.
The company said its board has taken "due cognizance of the same and have called an urgent board meeting on the 6th of this month for a review of the same and take necessary steps as they may deem appropriate and necessary".

The communication sent to the BSE has been signed by Atlas Jewellery India's Company Secretary Chandan Mahapatra.
"We are also on our own trying to verify the veracity of the news items," it noted.

Shares of the company plunged nearly 10 per cent to close at Rs 27.25 on the BSE.
According to media reports, M M Ramchandran, founder of Atlas Jewellery group, was arrested by police in Dubai recently.
A consortium of lenders led by Bank of Baroda (BoB) had extended loans to the group.
Sources said that BoB -- which has an exposure of about Rs 1,000 crore -- has also written to the UAE Central Bank seeking details on the matter.

The group has jewellery presence in India as well as in some Gulf countries.