Hyderabad: Adding to the spate of arrests in the Karvy Stock Broking Limited case, the company secretary of the group, Y Sailaja, was arrested by the city police for creating a false resolution document which resulted in the managing director of Karvy pledging his clients’ shares to avail a bank loan of Rs 350 crores.

Sailaja had claimed that the resolution was passed in the original board of directors meeting which had not actually happened.

A day earlier, the chief operating officer Rajiv Ranjan Singh and the chief financial officer G. Krishna Hari of the Karvy Stock Broking Private Limited were arrested by officials of the central crime station today.

They were arrested after an FIR was filed againstKarvy Stock Broking company base on a complaint by the vice president of IndusInd bank, Hyderabad on allegations of availing credit facilities of Rs. 137 crores from the complainant bank by pledging securities/shares and personal guarantee of…

Read more…