GSM Foils Limited Confirms Uninterrupted Operations Amidst Incident Involving Promoters

GSM Foils Limited Confirms Uninterrupted Operations Amidst Incident Involving Promoters​

GSM Foils Limited has confirmed that its manufacturing, commercial, and administrative operations remain uninterrupted following a personal incident involving two of its promoters. The company stated that senior management and employees are ensuring the normal course of business continues despite the circumstances.

The update provided on August 02, 2026, detailed the situation concerning the company’s leadership. Mr. Mohansingh Parmar, Managing Director and Promoter of GSM Foils Limited, sustained injuries in a firing incident and is currently receiving medical treatment; his condition has been reported as stable.

Additionally, the company announced that Mr. Sagar Bhanushali, Chairman & Whole Time Director and Promoter, has been taken into police custody by concerned law enforcement authorities in connection with an investigation. The matter remains under investigation by the police, and allegations reported in media are subject to judicial determination.

The management of GSM Foils Limited stressed that the incident pertains to certain individuals in their personal capacity, clarifying that the company has not been named as an accused, nor were its business operations alleged to be involved.

Focusing on business continuity, the company confirmed that all manufacturing, commercial, and administrative activities are proceeding normally. The Board of Directors, the company stated, is closely monitoring the situation and has initiated appropriate measures to strengthen the management team to ensure the uninterrupted conduct of the Company's affairs.

Mr. Parmar, who has been associated with the foil manufacturing business since its commencement in 2019, intends to resume his responsibilities upon discharge from the hospital, subject to medical fitness and relevant corporate approvals. The company affirmed that Mr. Parmar’s long-standing familiarity with the company’s processes provides continuity to the management, supported by the existing senior management team.

GSM Foils Limited extended all lawful cooperation to the investigating authorities and reiterated its commitment to maintaining operational stability and business continuity.

GSMFOILS Stock Price Movement​

On Friday, shares of GSM Foils Limited slipped by 19.99%, settling at ₹191.50 after dropping ₹47.85 from the previous close. The stock traded a total of 1,271,000 shares during the day.