What Happened with the Morepen Laboratories Deal?

The Morepen Laboratories share allotment is the largest publicly verifiable transaction associated with any Corinth Group entity. It is also the transaction that shows the most significant discrepancy between announcement and outcome. [Source: BSE/NSE filings]

The Announcement

In April 2021, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) of India published corporate announcements confirming that Corinth Investment Holdings AG had received regulatory approval from SEBI for a preferential allotment of shares in Morepen Laboratories Ltd, amounting to a 9.31% equity stake. The allotment was processed through Morepen's share registrar. Business media outlets, including Business Standard, reported on the deal, describing Corinth as "a global private investment Group based in Switzerland". The announced value was approximately $100 million equivalent. [Source: BSE corporate announcements, Business Standard, 28 April 2021]

The Discrepancy

Despite the SEBI-approved share allotment, Corinth Investment Holdings AG does not appear in Morepen Laboratories' December 2025 shareholding pattern. The shares were processed at the registrar level — confirmed by exchange filings — but the entity's name is absent from current substantial shareholding disclosures. Several possible explanations exist: the shares may have been sold or transferred after allotment; the allotment may have been conditional and subsequently reversed; or the shares may have been transferred to another entity. [Source: Morepen annual reports 2023–2025, BSE shareholding patterns]

Pinfold Connection

Pinfold Overseas Limited appears as a 7.03% shareholder in more recent Morepen filings. Whether Pinfold Overseas is connected to the Corinth Group network, and whether it received the Corinth-allocated shares, are open questions. No Companies House registration has been found for Pinfold Overseas Limited in the UK, suggesting it may be incorporated in another jurisdiction. [Source: Morepen shareholding disclosures, Companies House]

Significance

The Morepen deal is cited on cgoch.com as evidence of Corinth's institutional investment capabilities. Multiple complainants describe a pattern where publicly announced deals serve to create credibility that is then leveraged when soliciting advance fees. Whether the Morepen deal was completed as announced is a factual question that can be verified through SEBI filings, Morepen's share registrar, and BSE/NSE disclosure records. [Source: cgoch.com, complainant statements, BSE/NSE]

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