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Ess Dee keeps bourses in dark about Chairman's arrest

Press Trust of India  |  Kolkata 

Packaging company Ess Dee Aluminium Ltd is yet to intimate the stock exchanges about the arrest of the chairman Sudip Dutta on September 5., although the rules stipulate that it should have been brought to the bourses' notice within 24 hours.

Regulation 30 of Listing Regulations 2015, that deals with disclosure of unpublished price sensitive or material information says, "Fraud/defaults by promoter or KMP ((key management personnel) or by listed entity or arrest of KMP or promoter is one of the parameters where 'Irrespective' of materiality, you are supposed to disclose to the stock exchanges."

The company had said earlier that Dutta was arrested from airport on September 5.

The arrest by police was in connection with alleged default at Ess Dee's Karamhati plant in West Bengal, currently under suspension of work.

A official told PTI that bthe company is supposed to inform the exchanges about such informations within 24 hours.

Company officials could not be reached for comments.

The last time Ess Dee Aluminium communicated with and NSE was on August 12, stock exchange data showed.

Ess Dee Aluminium had also said earlier that the arrest took place at a time when Dutta was on his way to meet various bank officials in for critical business revival discussions.

"The payment, though initially delayed due to our financial stress, but subsequently the payment was effected through Demand Draft for Rs 42,00,213 (being the claim amount as per FIR), favouring 'RPFC SRO Barrackpore' and after much deliberation and discussions accepted by the PF authorities and encashed on August 10, 2017," the company had said.

Kamarhati plant is part of India Foils which was taken over by Ess Dee in 2009. It employs around 200 workers. Ess Dee has made huge losses in recent years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 11 2017. 19:22 IST