Laxmi Goldorna House Limited has informed the Exchange about Fraud/Default/Arrest
LGHL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Laxmi Goldorna House Limited has disclosed a fraud case involving its Former Chief Financial Officer, Mr. Jaykumar Patel. The CFO was found to have committed embezzlement and siphoning of company funds over a period of one year during his tenure. The estimated amount involved is approximately Rs. 85 to 90 Lakhs. The company is in the process of filing a complaint with appropriate authorities. The matter will be placed before the Audit Committee and Board of Directors to implement safeguards and prevent future incidents.
This is a significant governance failure where a key managerial personnel committed fraud, resulting in direct financial loss to the company. Shareholders should expect heightened regulatory scrutiny and potential reputational damage to the company.