Sebi refuses to grant stay on forensic audit of Parsvnath Developers

Markets regulator Sebi Friday refused to grant a stay on the forensic audit of Parsvnath Developers Ltd (PDL), which figured in the list of 331 "suspected shell companies". In an interim order passed in August 2018, Sebi directed a stock exchange to appoint an independent forensic auditor to verify any misrepresentation including of financials or business by PDL in the context of the transactions during financial years 2009-10, 2010-11 and 2011-12, including the role of key managerial personnel, directors and promoters in them. Also, the auditor was required to verify any misuse of the books of accounts and funds including facilitation of accommodation entries or compromise of minority shareholder interest in the context of the transactions during the three financial years, according to the interim order.