Update on SEBI Investigation in Matter of Trading Activities in Scrip of Vakrangee Limited

Don't want to miss the best from Business Standard?

/ -- No findings or instance of any stock manipulation by Promoter or Promoter group entities
Commenting on the same, Mr. Dinesh Nandwana, MD & CEO, Vakrangee Limited, stated, "We have always maintained that these rumour-based media articles relating to stock manipulation by Promoter or Promoter entities are false and completely baseless. We are proud to state that we have been proven right today, as observed by the outcome of the investigations from EOW and SEBI.We continue to remain positive and confident with respect to our business model. Meanwhile, we have adopted a strategic decision to upgrade all our existing Vakrangee Kendra stores into a standardised Next Gen store format. We are happy to share with you that as a result of our progressive efforts and a strong and positive response received from our franchisees, about 3,500-4,000 Vakrangee Kendra outlets will be upgraded as per the Next Gen model during the quarter-ended December 31, 2018, and these are currently in advanced stages of completion. These outlets are spread across 380 districts and 2,548 postal codes of India, of which over 2,500-3,000 outlets belong to Tier 5 & 6 cities. Simultaneously, the process of upgrading the remaining 41,000 outlets into Next Gen Vakrangee Kendras is already underway, and these will get upgraded before the end of CY 2019."

About Vakrangee Limited: (BSE: 511431) (NSE: VAKRANGEE)