Why Amira Nature Foods Inc. Shares Are Getting Destroyed Today

We have also identified a company named Gautam TechAgro we have tied to CEO Karan Chanana, and that claims to be one of Amira’s largest suppliers; a ranking employee at Gautam also claims it is “National distributor for Amira.”

We also have new answers to old questions. We have received confirmation that Amira has been transacting with an undisclosed related party Karam Enterprises since IPO’ing, and that Karam was Amira’s largest customer. Karam was purportedly Amira’s sole distributor in the EMEA, its largest market outside of India.

We think Amira bears a striking resemblance to a fraudulent US-listed Chinese RTO, so are confident that it will meet the same fate.”

Full text of the report can be downloaded here.

We reached out Amira Nature Foods Inc. (NYSE:ANFI) but the company hasn’t responded to our requests for comments yet. We will share them as we receive them. Amira’s latest investor presentation as well as its conference call can be downloaded here.