FIR against Educomp; company calls it malicious

Educomp Solutions, the Gurgaon-based education firm, said on Thursday that it is aware that a first information report (FIR) complaint accusing the company of fudging its balance sheets to manipulate its stock prices was filed on February 13 by two investors named Gajendra and Rajendra Kumar. The company denied all allegations and has sought an enquiry into the FIR.
 
According to the company, the latest malicious attack on Educomp is another attempt by vested groups to use unethical and frivolous means to sully the image of the organisation. The FIR was filed at the Sihani Gate police station in Ghaziabad. It has accused the Educomp management of manipulation of results, tax evasion and wrong valuation of one of its subsidiaries etc. Sebi is already probing Educomp Solutions for market manipulation of its shares