What is the fresh issue size of the Emmforce Autotech Limited IPO?
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The fresh issue size of Emmforce Autotech Limited IPO aggregates up to 55,00,000 equity shares.
M&M Finance delays its board meeting due to a ₹150 crore fraud at its North East branch, involving forged KYC documents for retail vehicle loans. The company is taking corrective measures, including arrests. Other agenda items, like borrowing limits and debenture issuance, will still be discussed.
M&M Finance has delayed its board meeting scheduled for April 23 due to the discovery of a ₹150 crore fraud at one of its North East branches. The fraud involves the forgery of KYC documents related to retail vehicle loans, resulting in the misappropriation of company funds.
Explore: M&m Fin. Services Ltd Share Price
The company estimates the financial impact of the fraud to be around ₹150 crore. Necessary corrective actions have been identified, and some individuals involved have been arrested. Investigations are ongoing to address the situation promptly.
The postponed board meeting was originally intended to discuss financial results for the fourth quarter of March 2024. However, due to the fraud discovery, agenda items such as approving audited financial results, recommending dividends, and related matters have been deferred to a later date.
Despite the postponement, the Audit Committee and Board Meeting will proceed with discussions on various matters, including increasing aggregate borrowing limits and raising funds through non-convertible debentures. These agenda items remain unaffected by the fraud discovery.
Mahindra & Mahindra Financial Services is actively investigating the fraud, with corrective actions at various stages of implementation. The company is committed to addressing the situation and ensuring the integrity of its operations.
The postponement of the board meeting underscores the seriousness with which M&M Finance is addressing the fraud issue. While the financial impact is significant, the company's proactive approach to investigations and corrective measures aims to mitigate further risks and uphold transparency in its operations.
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The fresh issue size of Emmforce Autotech Limited IPO aggregates up to 55,00,000 equity shares.
Beeline Capital Advisors Private Limited is the book-running lead manager of Emmforce Autotech Limited IPO.
Mr. Ashok Mehta and Mrs. Neetu Mehta are the selling shareholders of Emmforce Autotech Limited IPO.
Link Intime India Private Limited is serving as the registrar of Emmforce Autotech Limited IPO.
The equity shares of Emmforce Autotech Limited IPO are set to be listed on the Bombay Stock Exchange for Small and Medium Enterprises.
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