City News

Fire At Stock Holding Corporation In Navi Mumbai Raises Questions

Team Republic |

Hack:

  • A fire broke out at the Stock Holding Corporation in Navi Mumbai on Monday.
  • The fire department and officials blocked everyone from getting anywhere close to the scene of the fire
  • These chain of events trigger a series of questions which the insider sources are asking the higher officials of Stock Holding Corporation

A fire broke out at the Stock Holding Corporation in Navi Mumbai on Monday. The fire that broke out on Monday afternoon has still not been doused, after over 24 hours of tending by the fire department. 

When a crew from Republic TV arrived at the spot, the fire department and officials blocked everyone from getting anywhere close to the scene of the fire.  Eyewitnesses tell that the fire apparently broke out in one of the underground levels of the office, the tricky position of the fire and the lack of equipment has made it difficult for the firefighters to douse the fire. 

The fire department has also blocked people from entering the compound due to safety reasons. As per preliminary reports suggest the fire broke out due to a short-circuit and spread to the basement.

Lot of questions arise since none of the officials have come out and revealed exactly as to what was in the room. According to multiple sources, the floor from where the fire started contained physical shares like bearer bonds, loan paper, LIC documents among other sensitive materials. They claim that the fire was mainly caused due to the mismanagement. 

Stock Holding Corporation is the largest custodial and depository services provider acting as an intermediary between the stock market investors, brokers and exchanges. Set up in 1986 as a public limited company, it is jointly promoted by leading banks and financial institutions and is a subsidiary of IFCI.

The same sources also reveal the level of incompetence of its senior officials calling this a case of criminal negligence and professional incompetence.

“Whatever may be the real cause of the fire, be it negligence, incompetence or even sabotage, the whole incident proves the ignorance that this company was under,” added these sources.  

These chain of events trigger a series of questions which the insider sources are asking the higher officials of Stock Holding Corporation, questions like, has Stock Holding Corporation intimidated the government agencies, whose possible documents were among those that have been gutted in the fire? What is the value of the documents that were damaged in the fire? What is the insurance cover for the documents that were there in the room? Why has no one come out openly to talk on this matter?

   

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