Motilal Oswal Refutes Social Media Claims as 'Unfounded'

Synopsis

On January 19, Motilal Oswal Asset Management Company (MOAMC) rejected social media allegations against its officials, labeling them as 'groundless claims' aimed at tarnishing the firm's hard-earned reputation. The asset manager reassured stakeholders of its commitment to integrity and ethical practices.

Key Takeaways

MOAMC denies all allegations on social media.
Claims are described as groundless and malicious.
Company emphasizes a legacy of ethical practices.
Stakeholders urged to trust verified sources.
MOAMC vows to protect its reputation.

Mumbai, Jan 19 (NationPress) The asset management firm Motilal Oswal Asset Management Company (MOAMC) firmly refuted the allegations circulating on social media regarding the company and its executives, stating that these groundless claims are a calculated effort by parties with ulterior motives to tarnish the esteemed reputation that our organization and its leadership have cultivated over many years.

In response to the speculation suggesting that MOAMC's investment managers may have been involved in bribery related to Kalyan Jewellers, the financial services powerhouse unequivocally dismissed these groundless, harmful, and slanderous claims.

Such unfounded attacks on our credibility are entirely intolerable. Motilal Oswal Financial Services (MOFSL) boasts a nearly four-decade legacy of adhering to ethical practices and transparency,” affirmed the asset management firm.

In an official statement, the company reiterated that the integrity of our teams is held to the highest standards, assuring investors that we have never, and will never, condone any breaches in this area.

“The accusations directed at the company and its representatives concerning rumors of resignations, unethical practices, or investigations are completely untrue and represent a direct attempt to mislead the public and undermine the trust we have established over years of outstanding service,” stated MOAMC.

The asset manager called on individuals to refrain from believing these groundless and unethical attempts at disseminating misinformation.

“We encourage all stakeholders to depend on reliable and verified information sources. We assure our Investors, Distributors, Shareholders, and all other stakeholders that we uphold the highest compliance standards and have unwavering confidence in our systems, processes, and fund managers.

“MOAMC will undertake all necessary actions to safeguard its reputation and protect the trust and confidence our investors and the broader community have placed in us,” the statement concluded.

The shares of Kalyan Jewellers continued to decline as the company refuted rumors of IT raids and alleged bribery involving several fund managers.

On Friday, the stock dropped by 6.63 percent, reaching a low of Rs 503.25. At this level, it has decreased by 36.66 percent from its peak of Rs 794.60.