Educomp files complaint against ‘malicious emails’

January 21st, 2009 - 6:18 pm ICT by IANS  

New Delhi, Jan 21 (IANS) E-learning solutions provider Educomp Solutions has filed a complaint with Delhi Police against the “malicious rumours” being spread about the company, an official statement said Wednesday. The company said it has approached the economic offences wing of the Delhi Police to identify the source of the “malicious emails” and sought action against them.

“Educomp is 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,” said Educomp chief executive Shantanu Prakash.

There were reports in the media of manipulation in Educomp’s accounts, resulting in a rapid growth in its turnover and hefty profits made by the promoters in the company’s share trading.

“There seems to be an attempt to draw a parallel between the company and the recent developments at Satyam (Computer Services), which have bred suspicion about corporate accounting standards in general among the investor community,” said Prakash.

“There is no basis for any such reports regarding Educomp and we are determined to protect our shareholders’ interests at all costs,” he added.

Educomp scrip lost over 20 percent over its previous close and ended trade at Rs.1,567 Wednesday.

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