sebi:WTM/MPB/ISD/32/2018
Facts / Headnote
Representation of M/s Parsvnath Developers Limited disposed of; Exchange directed to appoint independent forensic auditor and actions envisaged in SEBI letter dated August 07, 2017 to continue until further orders, subject to reply/objections within 30 days.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Parties
- M/s Parsvnath Developers Limited
Holding
SEBI disposed of PDL's representation against the August 7, 2017 shell-company measures, continued the trading restrictions against PDL, and directed the Exchange to appoint an independent forensic auditor to verify suspected misrepresentation of financials/business and misuse of books in 2009-12 contracts/sub-contracts.
Full text
Order in the matter of M/s Parsvnath Developers Limited Page 2 of 20 3. SEBI was of the view that companies whose names are included as shell companies by SFIO and MCA, were potentially involved in
Order in the matter of M/s Parsvnath Developers Limited Page 3 of 20 6. Pursuant to the same, Bombay Stock Exchange Limited (hereinafter referred to as “BSE”) vide notice dated August 7, 2017, National Stock Exchange of India Limited (hereinafter referred to as “NSE”) vide notice dated August 7, 2017 and Metropolitan Stock Exchange of India Limited (hereinafter referred to as “MSE”) vide notice dated August 07, 2017, to all its market participants, initiated actions envisaged in the SEBI letter dated August 7, 2017 in respect of all the listed securities as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Order in the matter of M/s Parsvnath Developers Limited Page 4 of 20 (d) That company had paid dividends for the financial years 2006-07 and 2007-08 and there are no complaints pending relating to non-receipt of dividends by any of its shareholders. Further, there are no outstanding complaints pending under SCORES as on June 30, 2017. (e) That company has been regularly filing the requisite returns/forms under the Companies Act, 2013 with MCA. (f) That company has already completed several real estate projects and company has several ongoing projects. (g) That company has over 22,745 customers, of whom, possession has already been handed over to 14,500 customers. The projects related to the remaining customers are at different stages of completion and possession is to be handed over to them soon on completion.
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Source: SecMarx — sebi:WTM/MPB/ISD/32/2018. 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.