Mumbai, January 19 (IANS). Motilal Oswal Asset Management Company (MOAMC) on Sunday termed the allegations being made on social media against it and its executives as baseless and said these allegations are a deliberate attempt by vested interests to damage the good reputation of the firm and its leadership built over decades. It is an effort.
Rumors circulating on social media claimed that money managers of MOAMC had been bribed to buy huge amounts of shares of Kalyan Jewellers.
Responding to the rumours, the financial services giant categorically denied the “baseless, malicious and defamatory allegations”.
“Such baseless attacks on our integrity are completely unacceptable to us. Motilal Oswal Financial Services Limited (MOFSL) has almost four decades of experience in operating with ethical practices and transparency,” the asset manager said.
“The integrity of our team is of the highest standard and we assure investors that we have never made any lapses in this regard and will never tolerate such lapses,” the company said in a statement.
MOAMC said, “The allegations made against the firm and its officials regarding resignations, unethical behavior or rumors related to raids are completely false and an attempt to mislead the public and harm the trust we have earned over decades of service “
The asset manager urged people not to believe these baseless and unethical attempts to spread misinformation.
The company said, “We urge all stakeholders to rely on reliable and verified sources of information. We assure our investors, distributors, shareholders and all other stakeholders that we adhere to the highest level of compliance standards and We have full confidence in our systems, processes and fund managers.
“MOFSL will take all necessary measures to protect its reputation and protect the trust and confidence placed in us by our investors and the wider community,” the company said.
Kalyan Jewelers shares continued to fall. Meanwhile, the company denied the income tax raids and alleged bribery of some fund managers.
On Friday, the company’s shares fell 6.93 percent and closed at Rs 501.65 on BSE, which is the lowest level in almost six months. Earlier on January 2 this year, the company’s shares were at their record high of Rs 794.60. Thus, it has declined by 36.86 percent in 15 days.
–IANS
SKT/AKJ
