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Educomp says promoters’ shares not pledged

Educomp says promoters’ shares not pledged
PTI
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First Published: Fri, Feb 06 2009. 04 02 PM IST
Updated: Fri, Feb 06 2009. 04 02 PM IST
Mumbai: IT education solutions provider Educomp, which is under the scanner of Ministry of Corporate Affairs, on Friday said that shares belonging to the promoters have not been pledged with any entity as of today.
In a filing to the Bombay Stock Exchange, the company said, “The promoters of the company have clarified that as on date they have not pledged any of their shares to any financial institution or bank or person whatsoever in nature.”
The announcement comes in the wake of the scrip dipping to its 52-week low today on BSE at at Rs1331, down 4.51% from its previous closing price.
Ever since media reports surfaced that the company had allegedly fudged turnover figures and its promoters had been trading in their own shares and in unquoted subsidiaries, the scrip has lost a whopping 47.85%.
The company has taken several measures to boost investor confidence. On 3 February, Educomp appointed global consultancy firm Grant Thornton as internal auditor for the company and said that it would work with the government and regulators to reinstate credibility in the firm.
The company had earlier rejected reports of promoters pledging shares and had said, “The promoters group has so far sold only about 5.07% from the IPO till date. The promoters still hold 55.03% in the company”.
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First Published: Fri, Feb 06 2009. 04 02 PM IST