The stock of Bhansali Engineering Polymers Ltd on Monday shot up 16 per cent on the BSE to close at Rs 27. The traded quantity of the counter also witnessed a significant rise to 2.28 lakh shares on the exchange against its fortnightly average of 0.65 lakh shares. Around 2 p.m., there was a huge surge in volume at a price level of around Rs 23, market sources said. On September 9, it had finished at its 52-week low of Rs 19.

Mismanagement case

According to market insiders, Kolkata-based Keventer Group, which has a little less than 15 per cent stake in Bhansali Engineering, has moved the Company Law Board against the management of the Mumbai-located company.

According to sources, the case against the company management was heard on Monday.

Keventer Group entity MKJ Enterprises Ltd and others, who are significant minority shareholders of Bhansali Engineering, instituted proceedings before the CLB, Mumbai Bench, complaining of mismanagement.

According to the Keventer Group petition, the company allegedly diverted “at least a sum of Rs 333 crore” to other entities.

The petition also raises issues pertaining to over-invoicing of raw materials and under-invoicing of sales by virtue of which the management has benefited. Company officials were not available for comment.

CLB fixed the matter for further hearing on September 28, before the AGM on September 30.

Meanwhile, the Bhansali Engineering management informed the BSE on Monday that Mr Hasmukh Thakkar had been appointed as Chief Financial Officer of the company with effect from September 10

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