UPL believes that there is a sustained campaign to defame the image of the company and the group
UPL Ltd’s share price rose 4 percent to Rs 456.40 each in intraday deals on BSE after the agrochemical firm denied the whistleblower is a board member contrary to what was reported in News. UPL’s management also clarified that the allegations were disclosed and dealt with since 2018. The company said the allegations were discussed and investigated by the audit committee and the board in 2017 and 2018.
Shares of UPL Ltd closed 0.83 percent lower at Rs 434.80 each on the BSE in Friday’s session. UPL’s audit committee received an identical whistleblower complaint in early June 2, 2017. The company said the whistleblower committee, which consisted solely of independent directors, was constituted by the audit committee to investigate the accusations and the entire content of the complaint. it was fully revealed. “UPL believes there is a sustained campaign to smear the image of the company and the group,” said UPL Ltd.
Also read: UPL: a story of growth, circumference and complex operations
At around 10 a.m., UPL Ltd shares were trading 1.84 percent higher at Rs 446.50 each on the BSE, compared with a 0.56 percent gain on the S&P BSE Sensex. “It is important that the correct image is presented to all of its stakeholders, as the news report appears to create an unseemly controversy about corporate governance at UPL,” he said in his clarification.
The agrochemicals firm said the company conducted a detailed review, including each related party transaction (RPT), with the help of an independent law firm, and had concluded two and a half years ago that those transactions were conducted under conditions. arm’s length and complied with the laws. “Subsequently, the appellant was duly informed about the conclusions of the Audit Committee and the matter was closed,” he added.
The company in its classification also said that there has been no diversion of funds. “UPL confirms that all the transactions in question were carried out under market conditions and that there has been no diversion of funds, as alleged in the news article; and there is no new complaint against UPL, ”he said.
UPL Ltd said that it believes and ensures that all applicable corporate governance standards and laws have been properly observed. The company will evaluate all possible legal options available with it to defend its position and image. In the previous session, UPL shares tumbled nearly 11 percent.
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