After facing an incessant hammering on the stock exchanges, allegedly due to false rumours being spread, the management of Educomp Solutions announced that it has taken action against persistent malicious emails that are being circulated since the last few days among media and the investor community.
The company has filed a complaint with the Additional Commissioner of Police, Economic Offences Wing, Crime Branch (Delhi Police) to identify the source of these emails and has sought action against them. Shantanu Prakash CEO Educomp said, ?We are seeking further institutional remedies from the government and the market regulators to help protect the shareholders? interests from what seems to be a concerted attempt to damage the reputation of the company and drive down the stock price of the company.? The people who have analysed the company do not understand the business model and have made such statements, he added.
The stock exchanges have witnessed heavy speculation in the scrip with 40 lakh shares being traded in two days. ?This is a substantial portion of the company?s equity holdings and depicts concerted action,? said an analyst. On Wednesday 4.87 lakh shares were sold and bought on the National Stock Exchange by traders at extremely low price differential, indicating huge speculation. ?There seems to be an attempt to draw a parallel between the company and the recent developments at Satyam which have bred suspicion about corporate accounting standards in general amongst the investor community,? Prakash added.
Meanwhile the company has already provided detailed clarifications on the issue of its accounting and financial policies to the stock exchanges and has hosted the same on its website.