sebi:WTM/KV/CFID/CFID-SEC4/31660/2025-26
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Facts / Headnote
Interim directions issued restraining PDCL from effecting the slump sale transaction under the BTA dated February 14, 2025; NSE directed to appoint an independent registered valuer and obtain a fairness opinion from a merchant banker; PDCL directed to cease and desist from alienating assets forming subject matter of the BTA.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11D
- s. 42C
Regulations
- Reg. 30
- Reg. 37
- Reg. 1
- Reg. 37A
- Reg. 30A
Parties
- Par Drugs and Chemicals Limited (PDCL)
Holding
SEBI restrained PDCL from effecting the slump sale of its business undertaking to promoter-related entity PJFCPL under the BTA dated February 14, 2025, and directed NSE to independently appoint a registered valuer and obtain a fairness opinion from a merchant banker before the transaction could proceed.
Full text
Interim Order in the matter of Par Drugs and Chemicals Limited Page 2 of 25 A. BACKGROUND 1. Par Drugs and Chemicals Limited (hereinafter referred to as “PDCL”/ “Company”) is a company listed on National Stock Exchange of India Limited (hereinafter referred to as “NSE”) having its registered office at 815, Nilamber Triumph, Gotri Vasna Road, Vadodara-390007, Gujarat, India. The Company is engaged in the business of development and manufacturing of active pharma ingredients or antacid raw materials and fine chemicals.
Interim Order in the matter of Par Drugs and Chemicals Limited Page 3 of 25 (Land, Building, Plant and Machinery, specific Current Assets and Current Liabilities). (ii) After the recommendation of Audit Committee, the Board of Directors
Interim Order in the matter of Par Drugs and Chemicals Limited Page 4 of 25 (v) The sale, lease or disposal of the undertaking is outside Scheme of Arrangement and the Company shall comply with regulation 37A of LODR Regulations. (vi) Object and Commercial rationale for the slump sale: Looking to the present scenario, the promoters of the company have found more opportunities in the sector of real estate and construction market, capital market and clean energy market as compared to the existing business of the company. (vii) The Promoters of the company will utilize the proceeds arising out of slump sale into the three different sector as follows: i. Real Estate and Construction: INR 27 Crores. ii. Clean Energy Market: INR 25 Crores. iii. Capital Market: INR 41 Crores.”
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Source: SecMarx — sebi:WTM/KV/CFID/CFID-SEC4/31660/2025-26. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.