The company’s owner M.M.R was arrested in Dubai, owing to payment defaults. The default concerns almost 15-20 banks and the financial institutions note that though the company does have assets, a solution towards the repayment can be complicated without a meeting with the owner. M.M.R remains in police custody.
Meanwhile, MM Ramachandran planned to sell a hospital currently running in Oman to repay the debts, after the courts have turned down his bail plea, as per reports.
The shares of the company dipped around 10 percent to Rs 24.55, following the allegations and arrest of its owner.
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