S Kumars Nationwide hits 52-week low on corporate governance complaints

MUMBAI: Shares of S Kumars Nationwide slipped to its 52-week low of Rs 17.75 in early trade after the Serious Fraud Investigation Office received complaints on alleged violation of corporate governance. The matter is being examined by the Registrar of Companies.

“The complaint was taken up by the Office of the Registrar of Companies, Mumbai, who has reported that reply of the company is under examination. Further action in the matter will be taken on the receipt of report from ROC Mumbai,” said R P N Singh, Minister of State for Corporate Affairs in a reply to the Rajy Sabha.

Meanwhile, the company has clarified that the matter raised on corporate governance issues was “frivolous and baseless.”

“The Company had received a letter from RoC, Mumbai (Registrar of Companies, Mumbai) asking for comments and clarifications on certain issues raised by an individual. The matters raised by the individual are frivolous and baseless. The Company has already replied in detail to the RoC, Mumbai. SKNL follows best practices in corporate governance and believes that its clarifications and stance will more than adequately address any issues raised and forwarded to the Company. There is no other review being conducted by any government/regulatory authority with regard to this matter,” said an SKNL spokesperson.

At 09:40 a.m.; the stock was at Rs 18, down 6.74 per cent on the BSE. It touched a high of Rs 19.25 and a low of Rs 17.75 in early trade.