Shares of Mercator Ltd. tanked nearly 11% on Thursday, after reports said that the Central Bureau of Investigation (CBI) had charge=sheeted its executive chairman H.K. Mittal and four former top officials of the State-run Dredging Corporation of India.
According to report in The Hindu Businessline , Mittal and four former officials of Dredging Corporation of India (P Sridharan, M.V.R. Murthy, S.S. Tripathi and P.V. Ramana Murthy) have been charge-sheeted by the CBI in a case relating to the now-stalled Sethusamudram Ship Canal Project, as well as another dredging contract at Paradip Port.
Meanwhile, the firm has called off its early proposal to hold an extra-ordinary general meeting to seek shareholders' approval for raising up to Rs.100 crore by way of issue of secured/unsecured non-convertible debentures. Instead, it would now seek approval via postal ballot. It said the move would save time and cost and was in best interest of shareholders.
Shares of Mercator was trading at ₹ 27.80 on the BSE.
