IRB promoter’s case of alleged involvement in killing of an activist up for hearing soon; sentimentally negative and any negative outcome of court case can dramatically dent fortunes of company

IRB Infra’s promoter Virendra Maiskar was alleged to have been involved in killing of an activist related to a land grabing case. Mr Maiskar has gone through polygraphic test also for the same and nothing concrete has come out of the investigation against him till now. However, the Bombay high court has advised the session court to speed up the hearing process and come out with a decision within two weeks. There are also reports of CBI looking to file for an application to further instigate the charges against Mr Mhaikar. These developments are sentimentally negative for IRB Infra (though the on-going case has been covered in detail by media and is not new or surprising info). But more importantly, any negative decision from session courts would severe impact the fortunes of the stock. Thus, it is better to be cautious.

Market Buzz 15th January, 2014

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