Twamev Construction Clarifies Media Reports, Assures Stakeholders Following Resolution Plan Implementation
Twamev Construction and Infrastructure Limited has issued a clarification addressing media reports concerning alleged actions involving erstwhile Promoters and Directors associated with the company prior to its transformation under an approved Insolvency and Bankruptcy Code 2016 (IBC) Resolution Plan.The company stated that, following the successful acquisition by the Resolution Applicant through the IBC process, there has been a complete change in the ownership, management, and control of Twamev Construction. The name, Board of Directors, and overall management have since been reconstituted in compliance with all applicable laws and regulatory requirements.
The media reports refer to alleged actions and events that took place before the implementation of the approved Resolution Plan. These matters concern former Promoters and Directors who are no longer associated with the company in any capacity.
Twamev Construction asserted that its present management has no involvement whatsoever in the matters currently being investigated by the Central Bureau of Investigation (CBI). The company added that, to the best of its knowledge, no proceedings have been initiated against the current Promoters, Directors, or Management concerning these reported actions.
The clarification was issued to prevent misunderstanding among investors and stakeholders regarding the media reports. Twamev Construction confirmed that its business operations continue as usual and remain entirely unaffected by these historical matters, reaffirming its commitment to corporate governance, regulatory compliance, and transparency.
TICL Stock Price Movement
Twamev Construction and Infrastructure Limited slips to ₹19.36 as of 1:35 PM, shedding 0.77% in live trading after seeing a slight decline of ₹0.15. The stock is experiencing heavy market activity, with over 1.22 million shares traded so far during the current session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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