Market News
2 min read | Updated on December 17, 2024, 16:48 IST
SUMMARY
The company said that it will provide all the necessary information, assistance and cooperation required in the forensic audit. SEBI believes that the disclosures of financial information and business transactions of TARC Ltd have been dealt with in a manner ‘which would be detrimental to the interest of investors or the securities markets’, as per the stock exchange filing.
Stock list
TARC shares hit 10% lower circuit, extend losses for 10th day after SEBI appoints forensic auditor to examine financials
The real estate developer, earlier known as Anant Raj Global Ltd, informed the stock exchanges in a filing dated December 17 that the market regulator SEBI has intimated the appointment of forensic auditor with respect to financial statements of TARC Ltd for the financial years 2020-21 to 2022-23.
SEBI believes that the disclosures of financial information and business transactions of TARC Ltd have been dealt with in a manner ‘which would be detrimental to the interest of investors or the securities markets’, as per the stock exchange filing.
The market regulator mentioned in its letter dated December 16, 2024, that TARC’s financial information and business transactions’ handling could be detrimental to the interest of an intermediary or a person associated with the securities market too.
The company said that it will provide all the necessary information, assistance and cooperation required in the forensic audit. It underlines to remain committed to maintaining the highest standards of corporate governance, ensuring that all processes are conducted with integrity and transparency.
The luxury residential projects developer has informed the stock exchanges that the whole matter will be addressed thoroughly and efficiently, with no impact on financial, operational or other strategic objectives.
It informed the bourses that the audit initiated by the SEBI will not affect the company’s strong growth trajectory or the long-term value it is committed to deliver to its shareholders.
Shares of TARC Ltd extended the losses for the seventh straight session on Tuesday since December 9 after the SEBI action. The stock has dropped 14.52% during this period.
In the last one month the smallcap reality stock has declined nearly 4%, while paring 23% over the last three months. So far this year, however, the construction company’s shares have given positive returns of up to 36%. The stock has rallied 43% in the last one year.
About The Author
Next Story