IT education solutions provider Educomp today said it has not received any official information about an inspection into its accounts by the Ministry of Corporate Affairs.
"We have not yet received any official intimation so far from MCA regarding inspection on our books," Educomp MD and Chairman Shantanu Prakash said adding that "in fact, the company has proactively approached the government and requested for an investigation".
Prakash further added that "Educomp will act and work with the government and regulators proactively... We have offered fullest cooperation and willingness...To have our books and records inspected, if needed, so that we can get a clean chit and move on with our business".
The government is believed to have ordered for inspection of the books of accounts of Educomp, following reports of manipulation of accounts by the company to push share prices higher.
"We are victims of concerted attacks by the bear cartel who are trying to hammer our stock prices. We have noticed unusual trading patterns and short-selling on stocks. These are efforts to manipulate the market. We are open to scrutiny of any kind by the investigating agencies," Prakash said.
