For Quick Alerts
For Daily Alerts

8K Miles Shares Suspended From Trading On Bourses From Today


Auditors of 8K Miles Software, Deloitte Haskins & Sells reported suspected fraud at the company to the government."We came across certain transactions that gave us reason to believe that suspected offences involving fraud have been committed in the company", Deloitte said in the audit report for FY19 on Saturday.

8K Miles Shares Suspended From Trading On Bourses From Today

At the same time, the transaction between 8K Miles Media, wherein former CFO Ramani has 80% stake and 8K Miles software has also been berated by the auditors.

On Saturday, the board of the company met to finalise accounts of the FY 2019, after it faces suspension in trading from today as it failed to complete the audit for FY19.

Also, two of the directors at the company, promoter director and former CFO RS Ramani and Gurumurthy Jayaraman made a sudden exit from the company.

The software services firm is under legal and regulatory lens after it claimed that a broking firm forged signatures of a promoter entity for reducing pledged shares.

In two year's time, the stock of 8K Miles has crashed by a sharp 90% from about Rs. 1000 in December 2017 to Rs. 43.

Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more