Leading exchanges NSE and BSE will suspend trading in the shares of D S Kulkarni Developers Ltd following a directive from the National Company Law Tribunal in a case related to alleged diversion of funds.
While BSE has already suspended trading in the shares of the company, the same would come into effect at NSE tomorrow.
The tribunal's ruling in the D S Kulkarni Developers case came on a petition filed by the Serious Fraud Investigation Office (SFIO) seeking action against the company, its directors and related entities.
The NCLT, in an order dated March 13, had said that by having cursory look into balance sheet and profit and loss account of the firm, the figures are shown soaring from year to year, but whereas those figures are not in corroboration with ground realities.
"In the notes, it is further reflecting that deposits from public is showing nil for 31.03.2017... All these indicate that this company is not maintaining records as envisaged under the Companies Act," it had said.
Besides, the tribunal directed restraining trading in the securities of the company.
In a circular today, NSE said it would suspend trading in the company's shares from March 21 pursuant to the NCLT order.
On Monday, a BSE circular said it was suspending trading in D S Kulkarni Developers' shares with immediate effect.
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