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MD of Mumbai Undergarments Company Missing for 20 Days After Stock Suffers Rs 1,000 Crore Shock

During investigation, cops have found a note written in Gujarati, allegedly by Harshad, asking for forgiveness from investors for losses suffered by them.

Chaitanya Mangure | CNN-News18

Updated:October 21, 2018, 2:24 PM IST
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MD of Mumbai Undergarments Company Missing for 20 Days After Stock Suffers Rs 1,000 Crore Shock
File image of Harshad Thakkar.
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Mumbai: Harshad Thakkar, the MD and Chairman of Ashapura Intimates Fashion Limited, an undergarments manufacturing company has been reported missing for around 20 days. He was last seen in his office at Dadar on October 2.

His family filed a missing complaint on October 8. During investigation, cops have found a note written in Gujarati, allegedly by Harshad, asking for forgiveness from investors for losses suffered by them.

In the same note, Harshad blamed rivals for the fall in his company's fortunes.

According to market insiders, Ashapura Intimates was facing hard times from the past six months. The company’s total market capitalisation had come down by over Rs 1000 crore in the period.

The company issued a statement on October 10 to inform its shareholders about the disappearance of its MD and steps being taken for growth of the company.

“This is to inform you that a missing person complaint has been filed with the Mumbai Police by the family of our managing director. The complaint is being presently investigated. The professional management team along with Darshana Thakkar, who has been with the company since last few years and has been driving the design and production functions at the company, will be overseeing the operations of the company,” the statement read.

“The board of the company will meet in the first week of November 2018 to finalise the necessary actions for continuing the growth momentum in the business and capital requirement," it added.

Police also questioned Harshad's family members, colleagues and friends. However, they are yet to trace him. Cops said they do not suspect foul play as of now.

Thakkar arrived in Mumbai in 1993. He worked as a sales person at his uncle’s lingerie store for three years.

He then worked at a women clothing store for a few years before starting his own company Ashapura Apparels in 1999, introducing brands like Valentine and Tricci. Thakkar listed his company Ashapura Intimates Fashions Limited at the Bombay Stock Exchange in 2013.

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