GSM Foils Limited on July 31 informed the National Stock Exchange that Managing Director Mohansingh Parmar was shot in a firing incident in the Naikpada area under Waliv Police Station, Vasai-Virar.
In a regulatory filing made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company said Parmar received prompt medical attention following the incident and is presently under appropriate medical care. "His health condition is reported to be stable and improving," the company said in the filing.
The matter has been reported to law enforcement authorities and an investigation is currently in progress, GSM Foils said.
In a further development, Sagar Bhanushali, Whole-time Director of the company, has been taken into police custody in connection with the ongoing investigation. The company said it is extending full cooperation to investigating authorities.
"As the matter is under investigation, the Company is not in a position to comment further on the merits of the case," GSM Foils said in the filing.
The company sought to reassure investors on business continuity. It said the senior management team has taken the necessary steps to ensure continuity of operations, and that its manufacturing facilities at Vasai and Ahmedabad continue to function normally at present.
GSM Foils said it is closely monitoring the situation and will make further disclosures, if required, in accordance with applicable laws and regulations.
Further details on the nature of the firing incident, the circumstances leading to Bhanushali's detention, and any connection between the two events were not disclosed in the filing.
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