Hyderabad: Two held for sale of shares without owner’s knowledge
Hyderabad: The Hyderabad CCS police caught two persons Chetan Balubai Patel and Harshawardhan Avinash Pradhan, both directors of Champion Finsec Limited, Maharashtra, on charges of selling the pledged shares in open market without knowledge of T. Indira Reddy, wife of Congress leader T. Subbarami Reddy and Promoter and Chairperson of Gayatri Projects Limited. Police said […]
Hyderabad: The Hyderabad CCS police caught two persons Chetan Balubai Patel and Harshawardhan Avinash Pradhan, both directors of Champion Finsec Limited, Maharashtra, on charges of selling the pledged shares in open market without knowledge of T. Indira Reddy, wife of Congress leader T. Subbarami Reddy and Promoter and Chairperson of Gayatri Projects Limited.
Police said the suspects approached GPL and informed to arrange loan with a charge of one percent commission. Believing them, GPL agreed to take a loan of Rs.11.5 crore against 69,63,000 shares.
As per the terms of the agreement, the loan amount in proportion to the shares pledged was to be transferred to GPL account, but CFL did not transfer any money of the loan amount to GPL account and it was found that it illegally invoked the pledged shares and sold in the open market.
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