Sebi gets complaints on non-disclosures in BPTP offer document

The government today said market regulator Sebi is considering the draft offer document of realty firm BPTP against which the watchdog has received complaints of non-disclosures regarding delay in allotment of flats and certain other litigations.

"The draft offer document of BPTP Ltd is under consideration in Sebi," Minister of State for Finance Namo Narain Meena informed the Rajya Sabha.

When asked whether BPTP is delaying the Faridabad project and has duped investors by not disclosing the details of land ownership, Meena said, "Sebi has received complaints with respect to draft offer document of BPTP relating to delay in allotment of flats and non-disclosure of certain litigations."

In December last year, BPTP filed draft prospectus with market regulator Sebi to raise Rs 1,500 crore through its maiden public issue.

The company has appointed JP Morgan and IDFC-SSKI as lead book running manager for the IPO.

On steps that the government has taken to ensure that investors are not cheated in the IPO, Meena said, "The Merchant Bankers has been advised by SEBI to make necessary disclosures in the offer document. The complaints received by Sebi were forwarded to the merchant bankers to the issue advising them to reply to the complainants."

BPTP has a land bank of about 2,000 acres, mainly in the National Capital Region. The company was involved in the country's largest land deal of Rs 5,006 crore in Noida, but had to surrender partly as it was unable to arrange funds by the stipulated date.