Manappuram Finance shares up as Kerala HC quashes ED case against MD & CEO

On May 5, 2o23, the ED had frozen assets worth Rs 143 crore of MD and CEO VP Nandakumar after it conducted raids as part of an investigation in a money laundering case.

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Manappuram Finance shares gained over 3 percent on August 28 after the company informed exchanges that Kerala High Court has quashed the Enforcement Directorate’s case (ED) against its Managing Director and Chief Executive Officer V P Nandakumar.

“On August 25, 2023, after the final hearing of both parties, the Hon’ble High Court of Kerala quashed the Enforcement Case Information Report registered by the Enforcement Directorate as ECIR/36/KCZO/2022 dated September 6, 2022,” the company stated in an exchange filing.

At 11:30 am, Manappuram Finance share price was trading at Rs 144.50 on the NSE, higher by 3.5 percent from the previous close. Trading volumes at the time were over 13 million shares.

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On May 5, 2o23, the ED had frozen assets worth Rs 143 crore of VP Nandakumar after it conducted raids as part of an investigation in a money laundering case.

It had claimed that evidence regarding money laundering and large-scale cash transactions in the form of public deposits, done by V P Nandakumar through his proprietary firm Manappuram Agro Farms (MAGRO), without RBI approval, have been recovered.

The deposits were “illegally” collected by Nandakumar at various branch offices of Manappuram Finance Limited, a listed company, through some of its employees, it said.

However, Nandakumar, in a letter to the Board of Directors, said Magro stopped accepting, renewing and soliciting deposits in 2012 after the RBI directive.

He said he had raised about Rs 159.45 crore that year through the sale of shares for repayment of the deposit amounts and Rs 34.56 crore was repaid between February 1, 2012 and March 16, 2012. The remaining was deposited in an escrow amount.

For the quarter ended June, Manappuram Finance recorded a nearly 76 percent year-on-year jump in net profit at Rs 495.89 crore. Revenue from operations stood at Rs 2,026.26 crore in the quarter, up 34.91 percent higher.

The stock has gained over 36 percent since May 5, when the ED first conducted raids.