Info Edge shares in focus today; here's what you need to know
Info Edge share price: In its regulatory filing issued on June 1, the company informed that Allcheckdeals India (AIPL), a wholly-owned subsidiary of the company, has initiated a forensic audit into the affairs of the investee company, 4B Networks, and has appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor in this regard
Info Edge share price: Shares of Info Edge crashed nearly 10 per cent in the pre-open session on Friday, June 2, but recovered within minutes. The knee-jerk reaction could be attributed to the intimation with respect to the initiation of a forensic audit on 4B Networks Private Limited ("4B Networks").
In its regulatory filing issued on June 1, the company informed that Allcheckdeals India (AIPL), a wholly-owned subsidiary of the company, has initiated a forensic audit into the affairs of the investee company, 4B Networks, and has appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor in this regard, who will be supported and assisted by Saraf and Partners Law Offices, legal advisors to the company.
Info Edge informed the stock exchanges that the company's subsidiary, AIPL, has made financial investments and provided funding from time to time to 4B Networks (which is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business through the ‘Broker Network’ platform and a platform for loan origination for end-consumers), amounting to Rs 288 crore.
In the backdrop of these issues, AIPL has been seeking information, including details and particulars of financial transactions, transactions with related parties, and other aspects, from 4B Networks and its current management, all of which are required to be provided to AIPL contractually under the shareholders’ agreement and articles of association of 4B Networks. However, it said that 4B Networks has repeatedly failed to provide AIPL with such information and has also not responded to the information requests by the company on several occasions. Hence, the company took this step. 4B Networks is backed by Rahul Yadav.
The stock ended at Rs 4,267 on the BSE, up 1.22 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:32 PM IST