Stock moved after media baron Raghav Bahl took over. Stock Exchange Rigging?
Why are the share prices of a little known company acquired by media baron Raghav Bahl skyrocketing? Gaurav Mercantiles Limited shares, which languished at around Rs.20-23 for the past several years till January 2019, are now priced at Rs.148 after the media baron acquired it in the first week of January. What was the reason for the dizzying rise of the shares of this little known company that too after Bahl and his wife Ritu Kapur acquired a 66 percent stake?
Raghav and his wife are also running the websites Quint and the financial news website Bloomberg Quint. This steep rise in the stock price of an unknown company is a fit case of investigation for stock exchange manipulations using their media organisation. It behooves the sleepy Securities and Exchange Board of India (SEBI) to look into this immediately. Raghav Bahl is already facing Income Tax department and Enforcement Directorate (ED) prosecutions.
Instead of appearing before the Investigating Officers, Raghav Bahl is now shooting off letters to Finance Minister Nirmala Sitharaman, misusing his media credentials.
PGurus has exposed Raghav Bahl’s controversial links with his newly acquired firm Gaurav Mercantiles and its shoddy acquisition of his own firm Quint Website owning firm Quintillion Media Private Limited. Now Gaurav Mercantiles has informed the stock exchanges that they have convened a Board meeting on July 17 to acquire the Quint website. PGurus first exposed this fraud deal by Raghav Bahl, who is not caught by Income Tax and ED.
Economic Times also reported on the doubtful deal of Raghav Bahl buying a non-working shipbreaking firm Gaurav Mercantile. According to this report, the media baron who was caught for money laundering by ED had purchased this non-working firm for just Rs.5.64 crores, when its shares in Stock Exchanges were ranging between Rs.20-23. Now we are seeing that within six months the shares of this little known firm have shot up to Rs.148. How? What was SEBI and Stock Exchanges doing at the unnatural galloping of share prices when the major shareholder is running a stock market-related website, Bloomberg Quint? Is this not a clear case of stock rigging in the garb of media activities? For the past two decades, there are controversies about many business journalists and business-covering media houses for rigging stock exchanges and SEBI had punished some journalists for these kinds of unscrupulous activity.
Instead of appearing before the Investigating Officers, Raghav Bahl is now shooting off letters to Finance Minister Nirmala Sitharaman, misusing his media credentials. Raghav Bahl is an accused now and has no business writing to Ministers and crying of victimhood after being caught for money laundering. Now ED has unearthed his London home purchase details. There is a chance that Bahl could flee the country a la Vijay Mallya and Nirav Modi and its high time agencies are alert to prevent the escapade.
 Will a little-known ship breaker help Raghav Bahl raise funds from the market? Jul 4, 2019, Economic Times
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