CA Bhupendra Gandhi ‘disappeared’, Bombay Stock Exchange listed multi-crore firm lands in sticky situation

A BSE listed company is facing a curious set of circumstances after it revealed an unusual incident. Milestone Furniture is in a big financial dilemma after its Chartered Accountant Bhupendra Gandhi suddenly ‘disappeared’, the Rs 6 crore market cap penny stock company said in a recent regulatory filing.

Milestone has been unable to access its financials or reveal them in statements after being unable to contact their CA. The company has said that Gandhi has refused to take their calls.

With this reason, the company has said that its financial statements remain pending due to the “unavailability of financial data as well as the absence of persons in charge of the data,” as per multiple reports.

The ‘disappearance’ of the CA raises questions over the company’s corporate governance. Furthermore, the company’s CEO Ganesh Kumar Sadanand Patlikadan has also tendered his resignation, LiveMint reported citing Milestone’s June 7 BSE filing.  

The company is attempting to tackle the issue at the earliest and is looking  to onboard both a new CA and an MD. After the news broke earlier this week, the company’s shares on Thursday were locked in a 5% lower circuit in intraday.