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Exhilway slaps INR 9 crore fine on CandyDate Jobs

CandyDate Jobs: Angry Investors

CandyDate Jobs: Angry Investors

Exhilway, India’s first private secondary market for emerging businesses in India has slapped INR 9 crore fine on CandyDate Jobs for intentionally changing the date of its job portal launch. The matter was reported by an investor who was caught in the rapid swing of its share price as the company revised the product launch third time on the last moment without any prior information.

The investor who bought shares worth INR 23 lac saw his return falling to -17% in a week’s time, however the stock recovered within 3 days but it left some investors agitated. The case was filed with Exhilway and it issued notice to the company to pay INR 9 crore. Exhilway has asked the management to take concrete decisions regarding its business before placing any kind of news in the public domain.

Exhilway will pay INR 8 lac to the complainant against its suffered notional loss of INR 3.9 lac and the rest of the amount will be held by the exchange.

According to Exhilway insiders, the exchange may charge equity stake worth INR 9 crore to the CandyDate Jobs against the cash payment of the fine. The agitated investor will be paid in cash from its INR 500 crore investor protection fund.

“Why should a company every time revise its product launch date which can make or break its balance sheet. The investors with low tolerance become net sellers and we suffer,” said Rajesh Kaul, a shareholder of CandyDate Jobs.

An email sent to CandyDate Jobs PR team resulted in following reply, “We have not received any email from Exhilway regarding imposed fine. If the report stands true, we will challenge the same”. The phone call made to the Rahul Malhotra, CEO of CandyDate Jobs went unanswered.

CandyDate Jobs is the India’s one of the largest human resource consultants with over 10 million users. The firm which got listed on Exhilway Private Capital Market on April 9 this year has generated 80% return for its investors, however, the stock suffered major swing in June when a set of investors feared that CandyDate Jobs much hyped job portal may be delayed and the revenue generation may suffer. They sold their holdings which plunged the stock price by 27%.

Last week, CandyDate Jobs confirmed that it will not launch its job portal for the next 3 months, however this has not stopped the angry investor for filing a complaint against the company’s irresponsible media relations team.

Exhilway is the sixth largest financial company in the world that masters in the art of proprietary arbitrage which includes global equity and commodity markets. Exhilway employs over 9500 people worldwide as of 2011.

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