An independent director on the board of Aksh Optifibre has alleged Rs 1,000 cr..

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Adverse Media, Income Tax

An independent director on the board of Aksh Optifibre has alleged Rs 1,000 cr. fraud by the company
promoters through shell companies set up abroad, but the firm refuted the charge. Independent Director Arvind
Gupta in a letter to board members of the company on June 26 alleged that the audited annual accounts of Aksh
Optifibre Limited and its 100 percent subsidiaries remain “fudged and fabricated.

Gupta in his letter has alleged that the promoters of the company have not disclosed the host of related party transactions as mandated under the Indian Companies Act.

Gupta in his letter has alleged that the promoters of the company have not disclosed the host of related party transactions as mandated under the Indian Companies Act.
“I am deeply concerned to learn that the promoters have been having commercial and financial transactions with a host of undisclosed related party entities established abroad having a direct conflict of interest with the interest of the shareholders of the public listed company,” Gupta said in the letter.
Gupta told that whilst Rs 600 crore fraud is a conservative estimate the actual siphoning of fraud may well exceed over Rs 1,000 crore.
“Hence, I have demanded an Independent Comprehensive Forensic Audit to examine all related party transactions over the past ten years to force the Promoters to disgorge the money back to the Company and surrender to justice,” Gupta said.