Manappuram Finance shares jump 6% as HC asks ED;

Manappuram Finance: In response to the most recent development, the stock increased by 5.55% to reach a high of Rs 148.20 on the BSE. The Thrissur District’s Valapad police station is where the FIR was submitted.

Following the fresh development, the stock rose 5.55 per cent to hit a high of Rs 148.20 on BSE. The FIR was filed at Valapad police Station, Thrissur District. — *According to Manappuram Finance, the Kerala High Court ordered the Enforcement Directorate to deliver all original paperwork for the properties that had been frozen.*

After the Kerala High Court of Kerala dismissed a FIR against Manappuram Finance’s managing director and CEO VP Nandakumar and ordered the Enforcement Directorate to return and release all the original documents of the properties frozen in accordance with an order it issued under Section 17 (1-A) of the Prevention of Money Laundering Act, the company’s shares increased by almost 6% on Wednesday.

Recall that the ED has charged Manappuram Finance with illegally collecting public deposits of Rs 150 crore without the central bank’s consent. Additionally, it was thought to have engaged in substantial cash transactions without adhering to KYC guidelines.

The stock increased 5.55 percent in response to the recent news to reach a high of Rs 148.20 on the BSE. The Thrissur District’s Valapad police station is where the FIR was submitted.

“The Hon’ble High Court of Kerala on September 12, 2023, directed the Enforcement Directorate to return and release all original documents of the properties frozen pursuant to order dated May 4, 2022 issued by the Enforcement Directorate under Section 17 (1-A) in light of the quashing of the FIR and ECIR and in the absence of any further FIR being registered.

The organization conducted various searches at locations connected to Manappuram Finance’s registered office in Thrissur, Kerala.