The Securities and Exchange Board of India (Sebi) on Monday suspended trading in Bharat Global Developers, valued at over ₹12,000 crore, after it found lapses in the company's financials and disclosures, and fraudulent preferential allotment.
In an interim order, the market regulator has also debarred 17 others, including MD, CEO, and directors, from buying, selling or dealing in the securities market until further orders. The compliance officer has also been restrained from associating with any listed company.
The market regulator will soon launch a detailed investigation, which it plans to wind up during the current financial year.
Sebi's move came against the backdrop of several social media complaints last week, highlighting suspicious financials and disclosures by the firm.
The order points out that the company has created "paper wealth" with a market cap of over ₹12,000 crore which is not backed by any genuine economic activity or production of any goods or services.
This story is from the December 24, 2024 edition of Business Standard.
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This story is from the December 24, 2024 edition of Business Standard.
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