GSM Foils Ltd., an SME-listed manufacturer based in Maharashtra’s Palghar district, told the National Stock Exchange on Friday that its Managing Director, Mohansingh Parmar, was injured in a firing incident in the Naikpada area of Vasai-Virar, which falls under the jurisdiction of the Waliv Police Station.
In an exchange filing dated July 31, the company said Parmar received immediate medical attention following the incident and is currently under medical care.
“His health condition is reported to be stable and improving,” the company said, without providing further details on the circumstances surrounding the attack.
The disclosure took another unexpected turn with GSM Foils confirming that Sagar Bhanushali, the company’s Whole-time Director, has been taken into police custody in connection with the ongoing investigation.The company said it is fully cooperating with investigating agencies but declined to comment on the case.
“As the matter is under investigation, the Company is not in a position to comment further on the merits of the case,” it said in the filing.
Seeking to reassure investors, GSM Foils said its senior management has taken the necessary steps to ensure business continuity and that manufacturing operations remain unaffected despite the developments.
According to the company, both its manufacturing facilities in Vasai and Ahmedabad continue to function normally.The company also said it would make further disclosures, if required, in accordance with applicable laws and regulatory requirements as the investigation progresses.
Investors reacted sharply to the disclosure. Shares of GSM Foils ended the session 20% lower at ₹191.50 apiece, reflecting concerns over the unprecedented developments at the SME-listed company.
For now, many of the questions surrounding the firing remain unanswered, with the company maintaining that it will not comment further while the police investigation is underway.
