Non disclosure of notices in audited results

Querist : Anonymous (Querist) 01 September 2020 This query is : Resolved
ABC Ltd. took loan worth Rs. 50 crores from bank against mortgage of property worth Rs. 100 crore. Company failed to repay the loan and interest. Bank issued notice under Sarfaesi Act and fixed a date. Company did not adhere to it. Bank has again issued a notice under the above Act and fixed a date which is yet to come. Company while sending annual results ended March and quaterly results ended June to the stock exchanges did not include above information in the results nor auditors were informed about above notices so they did not mention it in their report.

If a shareholder brings the above information to the knowledge of stock exchanges what action they can take against the company.

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Dr J C Vashista (Expert) 02 September 2020
What is the opinion and advise of legal department of the company ?

Shilesh Patel (Expert) 02 September 2020
Misleading of facts and seems like a textbook case law question.

Rajendra K Goyal (Expert) 02 September 2020
Whether Stock Exchange has issued any notice in this regard, if so reply the notice by taking help of some expert.

Refer the rules referred by the exchange in such notice if issued.

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Non disclosure of notices in audited results

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