There were many issues dogging Vakrangee, most of them ringing the alarm bells on Corporate Governance. These kept the stock in the dark clouds with most discerning investors choosing to stay away. But yesterday, in the preliminary findings provided by the Ministry of Corporate Affairs during inspection, it has found that there were no irregularities.
Currently, on all issues - abnormal trading in share price, resignation of Price Water House as statutory auditor of the company, Income Tax Assessment order & Tax Audit report of last five years, details regarding the bullion & jewellery business and shareholding structure; there are no irregularities as alleged.
The market has heaved a sigh of relief; in fact from 7th itself the stock has been hitting the 5% UC every day.
Today, it hit the 5% UC at Rs.37.90, the moment it opened for trading.