Sigachi Industries CEO Amit Raj Sinha Granted Bail in Telangana Factory Fire Case
The Chief Executive Officer of Sigachi Industries, Amit Raj Sinha, has been granted bail by the Telangana High Court in connection with a case related to a deadly factory fire last year, the company said on Wednesday. Sinha had been remanded in custody in late December as part of an ongoing investigation into the blaze at the firm’s chemical manufacturing unit.
The fire, which occurred at Sigachi’s facility, resulted in the deaths of 40 people and triggered a detailed probe by authorities into safety practices and possible lapses. In a statement, the company said it continues to fully cooperate with investigators and the judicial process. “We continue to extend our full cooperation to the investigating authorities and the judicial process to ensure that the matter is addressed in a fair and transparent manner,” the company noted.
Investor sentiment appeared to strengthen following the development, with shares of Sigachi Industries surging as much as 20% during the trading session. The stock was last seen trading about 15% higher, putting it on course for its strongest single-day gain since September, reflecting market optimism amid the legal update.
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