Chairman of company tried to get MD killed to avoid repaying Rs 32 crore, arrested
The chairman of GSM Foils has been arrested for allegedly plotting to kill the company's managing director to avoid repaying a Rs 32 crore debt. The victim survived the attack, and the company has confirmed that operations remain stable.
Why it matters
This incident underscores the extreme risks of corporate governance failures and the impact of personal financial crises on business leadership.
VASAI: Waliv police have cracked the attempted murder of Vasai-based industrialist Mohansingh Parmar (46), arresting seven persons, including the alleged mastermind, who investigators say plotted the attack to evade repaying him Rs 32 crore and gain complete control of their company, GSM Foils.The prime accused, Sagar Bhanusali (33), is chairman of GSM Foils while Parmar is the managing director. Police said Bhanusali suffered massive financial losses after the US stock market crashed following the Iran-Israel conflict, leaving him burdened with debts running into crores. GSM Foils' stock price on NSE closed at the 20% lower circuit at Rs 192 on Friday.In a notice to NSE, the stock exchange on which GSM Foils is listed, the company said that the incident had happened in the Naikpada area under Waliv police station. “Soon after the incident, (Parmar) received prompt medical attention...
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