Mumbai, Jan 19 (IANS) Asset manager Motilal Oswal (NS:MOFS) Asset Management Company (MOAMC) on Sunday denied accusations circulating on social media against the company and its officials, saying these “baseless accusations are a deliberate attempt by individuals with vested interests to malign the good reputation that our firm and leadership have built over decades”.Responding to rumours on social media that claimed MOAMC money managers may have been bribed to stock up on Kalyan Jewellers (NS:KALN), the financial services major categorically denied “the baseless, malicious, and defamatory allegations”.
“Such baseless attacks on our integrity are completely unacceptable to us. Motilal Oswal Financial Services (MOFSL) has a legacy of nearly four decades of working with ethical practices and transparency,” said the asset manager.
In a statement, the company further stated that the “integrity of our teams is of highest standards and we assure investors that we never have, and we never will tolerate any slip up on this count”.
“The allegations made against the firm and its officials about rumours related to resignation, unethical practice or search are totally false and a blatant attempt to mislead the public and damage the trust we have earned over decades of exemplary service,” MOAMC said.
The asset manager urged people not to believe these baseless and unethical attempts to spread misinformation.
“We urge all stakeholders to rely on credible and verified sources of information. We reassure our Investors, Distributors, Shareholders and all other stakeholders that we follow highest level of compliance standards and we have full faith in our systems, processes and fund managers.
“MOAMC will take all necessary measures to protect its reputation and safeguard the trust and confidence placed in us by our investors and the broader community,” it added.
The shares of Kalyan Jewellers continued to slide as the company denied talks of IT raids and allegedly bribing a few fund managers.
On Friday, the stock tanked 6.63 per cent to hit a day low of Rs 503.25. At this price, it has corrected 36.66 per cent from its record high of Rs 794.60.
—IANS