BSE suspends trading in D S Kulkarni Developers

BSE today said it has suspended trading in the shares of D S Kulkarni Developers following a directive from the National Company Law Tribunal (NCLT) in a matter related to alleged diversion of funds.

The tribunal's ruling came on a petition filed by the Serious Fraud Investigation Office (SFIO) seeking action against the company, its directors and related entities.

In an order dated March 13, NCLT 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," NCLT said.

"All these indicate that this company is not maintaining records as envisaged under the Companies Act," it added.

In a notice, BSE said pursuant to the order passed by NCLT, trading in the securities of D S Kulkarni Developers shall be suspended with immediate effect.