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.

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