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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
A SEBI crackdown has revealed that Bharat Global Developers Ltd used every trick in the book to drive up its share price so its preferential stockholders could make a killing. What remains unexplained though is the little-known firm’s dealings with Reliance.
At around $1.5 billion, it could have been a scam for the record books. That is, if the Securities and Exchange Board of India had not acted. But it did, taking quick action on the basis of a complaint received on 16 December, and cracking down on Gujarat–based Bharat Global Developers Ltd, a company listed on the BSE.
The market regulator stopped trading of the BGDL stock in late December and issued a show-cause notice to the company.
Even so, about Rs 270 crore ($30 million) in fraudulent gains had been made. This is a significant amount of money. But …
