The company has been suspended from trading by the BSE and all the share certificates have been retained by the exchange clearing house.
Sanjay Pandey, DCP (economic offences), told Business Standard yesterday that nearly 25,000 duplicate shares of the company has been unearthed. It was learnt that the police acted on the basis of a complaint filed by the BSE on Tuesday, when it was discovered that three sets of shares bearing identical distinctive numbers had come up for delivery.
The managing director, V R Mathur, had been arrested on Tuesday night because of his involvement in the issual of duplicate shares, Pandey said.
It was learnt that Mathur will be kept in custody till September 9.
Pandey said the police is investigating the entire issue in detail and other parties associated with the company would be also brought into the drag-net.
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app