Stock Market

After Asian Paints, Aptech sacks registrar Sharepro for fraud

Chillicious Team

Rakesh Jhunjhunwala-promoted software training services firm Aptech has become the second company to file a criminal complaint against share transfer firm Sharepro Services alleging fraudulent transfer of shares.

Aptech has informed the stock exchanges that it will be shortly terminating its agreement with Sharepro after finding that 4152 shares (of Aptech) held by Oriental Insurance Co and 10980 shares held by UTI India Fund were illegally transferred into the accounts of two Sharepro employees.

“Our prima facie scrutiny of some of the records reveals transactions which are inappropriate, unauthorized and therefore seeming to be illegal”, Aptech wrote to the stock exchanges.

Earlier this month Asian Paints terminated its agreement with Sharepro, and sought the arrest of Sharepro’s Managing Director GR Rao and Operations Head Indira Karkera for illegal transfer of the dividend and shares of some shareholders

In the First Information Report filed by Asian Paints at the Saki Naka police station, the company alleged that the shares of some shareholders were transferred to the accounts of Sharepro employees by forging documents and opening fake demat accounts, bank accounts and trading accounts.

“Dividend amounting to Rs 65 lakh of different shareholders and 8460 shares of one shareholder Rekha Parekh worth Rs 71.91 lakh, and 7330 shares of Amarjit Kaur Arora worth Rs 62.30 lakh were sold to others without the consent of these shareholders,” Asian Paints said in the FIR.

The City Civil and Sessions Court has rejected the anticipatory bail applications of the managing director and the operation head at Sharepro.

Sebi had asked Asian Paints to look into the matter after an anonymous letter tipping the regulator about the irregularities at Sharepro.