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GSM Foils chairman held for plot to kill MD
Times of India··1 Aug
Waliv police arrested GSM Foils chairman Sagar Bhanusali and six others for an attempted murder plot against managing director Mohansingh Parmar on July 24 at the company's Vasai premises. Police said Bhanusali wanted to avoid repaying about Rs 32 crore from a stake sale and allegedly paid Rs 30 lakh for the attack. Parmar survived a shoulder gunshot wound.
Prism
What It Means For You
- Investors in GSM Foils can note the company told stock exchanges that manufacturing at Vasai and Ahmedabad continues normally despite the chairman's arrest.
- Business partners in pharma packaging supply chains may watch whether leadership turmoil affects blister foil orders from the NSE listed firm.
- Anyone following corporate governance cases gains an example of alleged violence tied to a share purchase dispute between chairman and managing director.
What's Happening
- Waliv police arrested seven people including GSM Foils chairman Sagar Bhanusali for an attempted murder plot against managing director Mohansingh Parmar on July 24.
- Police said Bhanusali hired assailants to kill Parmar to avoid repaying about Rs 32 crore received when Parmar purchased his stake in the company.
- Two motorcycle borne attackers shot Parmar in the shoulder at the Vasai East premises; the pistol jammed on a second shot and he survived with stable injuries.
A Rs 32 Crore Debt And A Contract Killing
- Police said Bhanusali suffered heavy stock market losses after the US market declined following the Iran Israel conflict, leaving him burdened with large debts.
- Investigators alleged he paid Rs 30 lakh for the contract killing, including Rs 5 lakh advance, and tracked Bhanusali to Uttar Pradesh with UP police assistance.
- GSM Foils stock closed at the 20 percent lower circuit at Rs 192 on Friday as the company disclosed the incident to NSE and said operations continue.
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