FIR filed against former directors for alleged Rs 1.78 cr fraud

Fraud ConfirmedRegulatory & Legal View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+5.0%Next day

₹27.66

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Nifty Microcap 250market · in no size index; the smallest one is used+3.7%+1.2% vs market

Residential, Commercial Projects peers, median of 54sector+2.0%+2.9% vs sector

By the next day the stock moved 1.2 pts more than Nifty Microcap 250 and 2.9 pts more than its Residential, Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Residential, Commercial Projects peers, median of 54Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Company filed an FIR on April 9, 2026 against former directors Prashanth Mitta and Asha Mitta and associates for alleged fraud. An unsecured loan of ~Rs 1.78 crores from Raj Breeders and Hatcheries was allegedly siphoned off, with possible falsification of books, unauthorized bank account access, and non-disclosure to the stock exchange. A Section 7 IBC insolvency petition has been filed against the company. Estimated impact ~Rs 10.45 crores (market cap). New board was appointed by shareholders at an EGM in Dec 2025.

Likely market impact

Severe governance failure; criminal probe, NCLT insolvency risk, and major uncertainty for shareholders and stock price.