8K Miles: Promoter’s stake ‘sold illegally’

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8K Miles Software Services has taken legal action and also filed a police complaint on September 17 against Quantum Global Securities and Kumar Share Brokers for fraudulent and unlawful transactions by wrongfully and illegally transferring of shares.

In a notice to the BSE on Friday,, 8K Miles said nearly 25.7 lakh shares (8.42 per cent of total equity) held by its promoter, Suresh Venkatachari, in his demat accounts held with Quantum Global and Kumar Share Brokers were wrongfully and illegally transferred through off-market transactions on various dates to various parties without his knowledge/consent.

Interestingly, the company did not reveal this information in the recent AGM held on September 29.

The stock on Friday closed 2.2 per cent higher at ₹130.60, on the BSE.

Source: The Hindu