GSM Foils MD Shot, Whole-Time Director Detained By Police In Same Probe

GSM Foils Managing Director Mohansingh Parmar was shot in a firing incident in the Naikpada area, under the jurisdiction of Waliv Police Station in Vasai-Virar, the company informed the National Stock Exchange on July 31.

In a regulatory filing, GSM Foils said Parmar received prompt medical attention following the incident and is currently under appropriate medical care. "His health condition is reported to be stable and improving," the company said.

The company added that the matter has been reported to law enforcement authorities and that an investigation is currently in progress. No further details on the nature of the firing incident were disclosed in the filing.

Whole-Time Director Taken Into Custody

Things took a different turn, when in a related development disclosed in the same filing, GSM Foils said its Whole-time Director, Sagar Bhanushali, has been taken into police custody in connection with the ongoing investigation.

The company did not specify whether Bhanushali's detention is directly linked to the firing incident involving Parmar, nor did it disclose the circumstances that led to his custody.

GSM Foils said it is extending full cooperation to investigating agencies. "As the matter is under investigation, the Company is not in a position to comment further on the merits of the case," the company said in the filing.

GSM Foils sought to reassure investors on business continuity amid the twin developments involving its top leadership. The company said its senior management team has taken the necessary steps to ensure operations are not disrupted.

Both its manufacturing facilities, located in Vasai and Ahmedabad, continue to function normally at present, the company said. GSM Foils added that it is closely monitoring the situation and will make further disclosures, if required, in accordance with applicable laws and regulatory requirements as the investigation progresses.

Investors, however, reacted sharply to the disclosure. Shares of GSM Foils ended the session 20% lower at ₹191.50 apiece, reflecting investor concern over the unprecedented developments at the SME-listed company.