An independent director of a Delhi-based maker of optic fibres has written to the board and the Finance Ministry accusing its promoters of siphoning off at least Rs 600 crore through multiple related-party transactions, faking investments in a byzantine collection of shell companies, over-invoicing overseas purchases and fudging company accounts over several years. The share price of the company also hit a 5 percent lower circuit intraday on July 6.
Aksh Optifibre manufactures optic fibre/optic fibre cables (OF/OFC) and optics lenses. The promoters own 27.95 percent of the company as on March 31, while the public holds 72.05 percent.
Moneycontrol's Sakshi Batra does a 3 Point Analysis to understand what these accusations are and what's the way forward?
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