Chennai: SEBI has given a clean chit to Vakrangee Ltd after it conducted an investigation into the trading activities of certain entities of the promoter group.
During the SEBI investigation it was observed that promoter entities viz, NJD Capital Private Limited along with Vakrangee Holdings Pvt Ltd, Dinesh Nandwana and Dinesh Nandwana (HUF), had increased their shareholding from 38.71 per cent of share capital to 41.61 per cent between June and August 2015.
SEBI declared that no instances were found of any stock manipulation by promoter or promoter group entities in the investigation. The market regulator intimated to the promoters to be careful in future to avoid recurrence of such instances.
MD and CEO, Vakrangee Ltd, Dinesh Nandwana, said, “We have always maintained that these rumor based media articles relating to stock manipulation are false and completely baseless. We have been proven right today as you can see the outcome of the EOW investigation and SEBI investigation.”