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Quick Heal spurts after respite in Manohar Malani case

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Quick Heal Technologies jumped 7.44% to Rs 238.30 at 14:55 IST on BSE after the company said the First Class Judicial Magistrate observed that there was nothing on the record to show the accused Manohar Malani ever held any shares of the company.

The announcement was made on Thursday, 14 April 2016. The stock market was closed on 14 and 15 April 2016 for holidays.

Meanwhile, the S&P BSE Sensex was up 142.45 points or 0.56% at 25,769.20.

On BSE, so far 6.42 lakh shares were traded in the counter as against average daily volume of 8.46 lakh shares in the past one quarter. The stock hit a high of Rs 244.60 and a low of Rs 222.90 so far during the day. The stock had hit a record high of Rs 329.95 on 18 February 2016. The stock had hit a record low of Rs 180 on 29 February 2016.

The small-cap company has equity capital of Rs 70.03 crore. Face value per share is Rs 10.

Quick Heal Technologies had announced on 11 April 2016 that it had lodged a first information report (FIR) on 23 February 2016 against Manohar Malani and others (accused) for cheating, forgery and criminal intimidation. The police have arrested Manohar Malani, CEO and MD of NCS Computech, Kolkata, consequent to the filing of FIR and ongoing investigation. The case pertains to Manohar Malani and certain of his family members (claimants) reportedly making claims that certain equity shares of Quick Heal Technologies were allotted to them in the year 2000. With regard to these reports, Quick Heal Technologies had clarified that it had not received any amount towards share application money or for subscription of shares, from any of the claimants in the year 2000 or at any time thereafter and had never allotted any equity shares of the company to the claimants at any point in time.

In a statement issued on 14 April 2016, Quick Heal Technologies reiterated that it had never allotted any equity shares to the claimants/accused at any point in time and it would continue to take all steps necessary to safeguard its shareholders' interests and ensure that the claimants/accused are prosecuted to the fullest extent of the law.

Based on consolidated financials, Quick Heal Technologies reported net profit of Rs 24.22 crore on revenue from operations of Rs 148.18 crore for six months ended 30 September 2015. Net profit stood at Rs 53.80 crore on revenue from operations of Rs 286.11 crore for the year ended 31 March 2015.

Quick Heal Technologies is one of the leading providers of security software products and solutions in India, with a market share of over 30% in the retail segment. The company's end customers include home users, small offices and home offices (SOHO), small and medium-sized business (SMBs), enterprises, educational institutions, as well as government agencies and departments.

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First Published: Mon, April 18 2016. 14:52 IST