Sebi Allows Conditional Trading In Bharat Global Developers Stock
Regulator suspended trading in the scrip in last Dec for financial misrepresentation, misleading disclosures, price manipulation and offloading shares at inflated prices
Sebi Allows Conditional Trading In Bharat Global Developers Stock

New Delhi: With an aim to protect the interests of investors, markets regulator Sebi has allowed trading in the shares of Bharat Global Developers Ltd (BGDL) with the condition to disclose key financial numbers including sales, purchases and profit for the financial year 2024-25 before April 15.
Sebi, through an interim order in December, suspended trading in Bharat Global Developers for financial misrepresentation, misleading disclosures, price manipulation, and offloading shares at inflated prices. Additionally, it had put several restrictions on the company and its officials. In its confirmatory order on Wednesday, Sebi directed BGDL to disclose key financial numbers including sales, purchases, profit and net worth for the financial year 2024-25 to the exchange before April 15. Two days after such dissemination, trading in shares of BGDL can resume, Sebi said in its confirmatory order.
The latest order came after several investors lodged complaints that their investments are stuck, as the suspension of trading in shares of BGDL prevents them from liquidating their investment or exiting the stock. The company had 60,950 public shareholders as per disclosures of shareholding pattern on the BSE website for the quarter ended December 2024.
“I deem it fit to decide in the interest of investors that trading in the shares of BGDL can resume two days after the company comes out with its provisional financial numbers and/ or key financial numbers including sales/purchases/gross profit/net profit/networth for the FY 2024-25, which must be disseminated on the exchange before April 15, 2025,” Sebi Whole Time Member Ashwani Bhatia said. However, Sebi noted that the company failed to submit any concrete evidence of genuine business activities undertaken by it so far which could justify its financial statements or the disclosures made regarding high-value contracts to stock exchanges.