Bharat Global Developers listing suspended by SEBI
Bharat Global Developers is a 100 per cent public owned company.
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Capital market regulator Securities and Exchange Board of India (SEBI) on Monday issued an interim order against Bharat Global Developers, suspending the listing of the company's shares after finding financial irregularities in its accounts upon receiving certain complaints. The market watchdog also restricted 17 individuals from operating in the market.
The interim order took effect immediately and until further orders.
In its interim order, the regulator attached illegal gains to the tune of Rs 271.5 crore.
SEBI Whole-time Member Ashwani Bhatia wrote that a detailed investigation in the matter may be completed expeditiously by the end of this financial year.
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Last month, the stock of the company stood at Rs 1,703-odd levels from around Rs 16 a year ago.
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During its investigation, SEBI found that the company had caused its market capitalisation to soar using misleading disclosures.
Bharat Global Developers is a 100 per cent public owned company.
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