sebi:WTM/MPB/ISD/01/2019

SEBI · SEBI · 2017-08-07 · Madhabi Puri Buch, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Directions issued vide Interim Order dated August 08, 2018 confirmed

Provisions invoked

Parties

Holding

The directions issued in the Interim Order dated August 08, 2018, including the appointment of an independent forensic auditor, are confirmed against M/s Parsvnath Developers Limited as the facts and circumstances have not changed to justify dis-continuation, modification or revocation of those directions.

Full text

Order in the matter of M/s Parsvnath Developers Limited Page 2 of 20 allowed under strict monitoring so that investors could take informed investment decisions, till SEBI and Exchanges complete their detailed examination of such companies.

Order in the matter of M/s Parsvnath Developers Limited Page 3 of 20 the transactions referred in paragraph 20 above including the role of KMPs, Directors and Promoters in those transactions. ii. The other actions envisaged in SEBI’s letter dated August 07, 2017 in para 1 (d), as may be applicable, and the consequential action taken by Stock Exchanges shall continue to have effect against M/s Parsvnath Developers Limited……”

Order in the matter of M/s Parsvnath Developers Limited Page 4 of 20 (ii) On analysis of invoices, it is noted that PDL had purportedly inter alia undertaken following types of work on contract/sub-contract:  Civil work of Dam  Land Levelling  Road construction  Rock blasting, site clearing  Excavation, laying of MM dia, MS pipes, Jointing of trenches and hydro testing (iii) The agreements and invoices of the above contracts/sub-contracts undertaken by PDL with respect to land levelling specifies the names of the village without any reference to the identifiable land records (for e.g. khasra number/plot number, date of actual details of the commencement of work and completion of work etc.) except some kila numbers in one of the contract amounting to Rs. 6.75 crores received from AMR Construction Limited for 10.041 hectares in village Tikri Tehsil and district Gurgaon of Haryana which was further sub-contracted to Totem Infrastructure Limited for Rs. 5.62 crores in the F.Y. 2009-10. (iv) Upon analysis of invoices on a sample basis, it is noted that the invoices raised on the clients (i.e. Advance Construction Limited, J Kumar Infraprojects Limited) was on the same date when the invoices were received from the sub-contractor (i.e. Totem Infrastructure Limited). Some of the instances are tabulated below:-

You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.

Free accounts include 10 searches/day with full order access.

Analyse this matter in Ontology · Plans

Source: SecMarx — sebi:WTM/MPB/ISD/01/2019. 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.