Universal Photo agrees to take up demands of minority investors; stock tanks ~9%

Jindal Poly group company Universus Photo Imagings has agreed to take up minority shareholders’ demands at its AGM scheduled on September 30, 2022, after the company first termed them as malicious.

Following this development, Jindal Poly Group’s counter plunged up to 9% so far in today’s trade.

At around 10.02 AM, Universus Photo was trading 9.02% lower at Rs512.20, against the previous close of Rs563 on BSE.

While, Jindal Poly’s counter tumbled 3.96% at Rs883 per piece, against the previous close of Rs919.25 on BSE.

The corporation sought legal advice before informing stock markets over the weekend that it will introduce the resolutions sought by minority shareholders.

As per the sources, the minority shareholders had issued a notice to the company, stock exchanges, and SEBI. The notice demanded the removal of five auditors, the induction of two new independent directors, and a forensic audit.

After the demerger of Jindal Poly’s photo films business, Universus Photo Imagings was incorporated. The corporation holds a substantial 39% share in JPF Netherlands, which owns the worldwide packaging films business that the corporation purchased from ExxonMobil in 2013.

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