Tijaria Polypipes Limited has informed regarding Disclosure of material issue
TIJARIA · price
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Tijaria Polypipes Limited has disclosed a court order received from the Additional Chief Judicial Magistrate, Jaipur, Rajasthan, under SEBI's Regulation 30 (LODR). The matter relates to case CIS-444/2015 and concerns allegations that the company failed to disclose certain Inter-Corporate Deposits (ICDs) of around ₹2.5 crore taken from parties such as Nihita Financial Services, Marine Gems, Sanjivani Gems, Bellisima Impex, and Balasaria Holdings prior to its September 2011 IPO prospectus. The order also references Sections 63, 68, 141, and 628 of the Companies Act, 1956, dealing with false or misleading statements in a prospectus and vicarious liability of directors. The company has shared the full order copy with stock exchanges as a material disclosure.
This is a negative development for shareholders, as it signals an ongoing criminal court proceeding against the company and its directors over alleged non-disclosure of pre-IPO borrowings, which could harm investor confidence and the stock's reputation. The actual financial or penal outcome is not yet clear from the disclosure, but the headline alone may weigh on the stock price.