Info Edge shares in focus today; here's what you need to know
Info Edge share price: In its regulatory filing issued on June 1, the company informed that Allcheckdeals India (AIPL), a wholly-owned subsidiary of the company, has initiated a forensic audit into the affairs of the investee company, 4B Networks, and has appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor in this regard
Info Edge share price: Shares of Info Edge crashed nearly 10 per cent in the pre-open session on Friday, June 2, but recovered within minutes. The knee-jerk reaction could be attributed to the intimation with respect to the initiation of a forensic audit on 4B Networks Private Limited ("4B Networks").
In its regulatory filing issued on June 1, the company informed that Allcheckdeals India (AIPL), a wholly-owned subsidiary of the company, has initiated a forensic audit into the affairs of the investee company, 4B Networks, and has appointed Deloitte Touche Tohmatsu India LLP as the forensic auditor in this regard, who will be supported and assisted by Saraf and Partners Law Offices, legal advisors to the company.
Info Edge informed the stock exchanges that the company's subsidiary, AIPL, has made financial investments and provided funding from time to time to 4B Networks (which is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business through the ‘Broker Network’ platform and a platform for loan origination for end-consumers), amounting to Rs 288 crore.
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In the backdrop of these issues, AIPL has been seeking information, including details and particulars of financial transactions, transactions with related parties, and other aspects, from 4B Networks and its current management, all of which are required to be provided to AIPL contractually under the shareholders’ agreement and articles of association of 4B Networks. However, it said that 4B Networks has repeatedly failed to provide AIPL with such information and has also not responded to the information requests by the company on several occasions. Hence, the company took this step. 4B Networks is backed by Rahul Yadav.
The stock ended at Rs 4,267 on the BSE, up 1.22 per cent.
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