The Securities and Exchange Board of India (SEBI) has barred Parsvnath Developers from the securities market for six months. The regulator has also imposed a penalty of Rs 15 lakh on the company for flouting listing rules. The company has been directed to pay the fine within 45 days.
Sebi found that Parsvnath Developers (PDL) failed to make provision for the outstanding amount in ledger accounts of contractors and sub-contractors and also failed to strictly comply with Accounting Standards 7 or AS 7, which deals with construction contracts.
Parsvnath Developers has emerged as one of the most progressive and multi-faceted real estate and construction entities in the country.