By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Latest World News UpdateLatest World News UpdateLatest World News Update
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Reading: SEBI halts trading of Bharat Global Developers as share surged from Rs 16 to Rs 1702 in 1 year – World News Network
Share
Notification Show More
Font ResizerAa
Latest World News UpdateLatest World News Update
Font ResizerAa
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Latest World News Update > Blog > Business > SEBI halts trading of Bharat Global Developers as share surged from Rs 16 to Rs 1702 in 1 year – World News Network
Business

SEBI halts trading of Bharat Global Developers as share surged from Rs 16 to Rs 1702 in 1 year – World News Network

worldnewsnetwork
Last updated: December 23, 2024 12:00 am
worldnewsnetwork 7 months ago
Share
SHARE

Mumbai (Maharashtra) [India], December 23 (ANI): In a decisive move to protect investors, the Securities and Exchange Board of India (SEBI) on Monday has issued an interim order against Bharat Global Developers Ltd. (BGDL) following alarming findings of fraudulent activities.
The order, comes in response to a complaint received by SEBI on December 16 this year which highlighted suspicious financial disclosures and a staggering 105-fold increase in BGDL’s share price, soaring from Rs 16.14 to Rs 1702.95 within a year.
SEBI said “Examination of complaints and reports in respect of BGDL revealed that the Company had five promoters holding 93,860 shares comprising 16.77 per centof total shareholding till June 2020. However, from the quarter ended September 2020, the Company disclosed NIL promoter shareholding and 100 per cent public shareholding”.
SEBI’s investigation revealed a systematic scheme involving the manipulation of share prices through false disclosures and misrepresentation of the company’s financial health.
The company allegedly engaged in misleading practices, including the portrayal of non-existent business operations and partnerships with reputed firms, aimed at inducing unsuspecting investors. This culminated in a preferential allotment to select allottees, who profited by offloading shares at artificially inflated prices.
The SEBI order said “The financial statements of the Company also appeared to misrepresent the true state of affairs of the Company and its business. The financial statements revealed that till FY23, the Company had negligible revenue, expenses, fixed assets and cash flows. Suddenly, however, the financial results from QE March 2024 showed a steep spike in revenues and expenses”.
The regulatory body emphasized the need for immediate action to prevent further harm to investors, citing the imminent risk of liquidation of shares and the siphoning of illegal gains by the preferential allottees.
SEBI’s interim order suspends trading in BGDL shares and mandates the company and its directors to provide a comprehensive inventory of their assets and financial dealings.
By curbing the ongoing mischief and restoring investor confidence, SEBI aims to ensure that companies adhere to truthful disclosures and uphold good faith dealings in the market.
The investigation is set to continue, with a deadline for completion by March 31, 2025, as SEBI seeks to hold accountable those involved in this apparent fraud. (ANI)

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
sponsored by

You Might Also Like

Smarten Power System Limited IPO Opens on July 07, 2025 – World News Network

Mrs. India One in a Million 2025 – Season 5 Alka Goel, 58, Redefines Womanhood Zonal Winner (Central) – World News Network

Grab a Matcha – Now at Tim Hortons® India! – World News Network

Kauvery Hospital Tirunelveli done a Complex High-risk Indicated PCI (CHIP) procedure – World News Network

Real Estate’s Leading Voices Recognised at The 7th Global Real Estate Brand Awards 2025 – World News Network

Share This Article
Facebook Twitter Email Print
Previous Article People have “rejected” Congress: Haryana CM slams Kharge – World News Network
Next Article NCLAT clears Sapphire Media’s acquisition of Big 92.7 FM, dismisses appeal moved against NCLT order – World News Network
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -

Latest News

New tech tracks blood sodium without needle: Study – World News Network
Health 5 days ago
A look at ‘Pehla Tu Duja Tu’ song from Ajay Devgn, Mrunal Thakur-starrer ‘Son of Sardaar 2’ – World News Network
Entertainment 5 days ago
Sean ‘Diddy’ Combs gets standing ovation from fellow inmates after court verdict – World News Network
Entertainment 5 days ago
WATCH: Check out how Masaba Gupta, Neena Gupta are ‘entertaining’ Matara – World News Network
Entertainment 5 days ago

Sports

India’s Birmingham hero Akash Deep reveals sister’s cancer diagnosis, says playing this match “to make her happy” – World News Network
Sports
BRS leader KTR lauds Indian team for record-breaking victory over England – World News Network
Sports

Popular Category

  • Business
  • Entertainment
  • Health
  • National
  • Videos
  • Gujarati

Popular Category

  • Hindi
  • Lifestyle
  • Marathi
  • National
  • Science
  • Sports
  • Tech
  • World

Entertainment

Vir Das to crack jokes on his loss of voice in new comedy special ‘Fool Volume’, set to stream on this date – World News Network
Entertainment
Panchayat 5 announced: Manju Devi vs Kranti Devi rivalry to continue in new season – World News Network
Entertainment
Copyright © 2023 World News Network. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?