SEBI-TARC Issue: Stock market regulator SEBI has taken a big action against the real estate and construction company TARC listed on the stock exchange and has ordered a forensic audit of the company. After this order of SEBI (Securities and Exchange Board of India), the stock of TARC fell drastically. The company's stock has fallen by 10 percent to the level of Rs 187.92 and the stock has hit a lower circuit. 

There will be a forensic audit of the financial statements

In a regulatory filing with stock exchanges in view of listing obligations and disclosure requirements, TARC said that SEBI has appointed a forensic auditor to conduct forensic audit of financial statements for FY 2021-22 to FY 2022-23 on December 16, 2024. The company said that SEBI believes that the manner in which the company's financial information and business transactions have been disclosed is against the interests of investors and harmful to the securities market or the people associated with it. The company said in its clarification that it will provide all the necessary information to the exchange regarding this issue. 

The company gave confidence to the shareholders 

TARC said that the company is committed to maintaining high standards of corporate governance and conducting all processes with integrity and transparency. The company said, this matter will be addressed with utmost efficiency and will not have any impact on the company's financial, operational or other strategic objectives. TARC said, we believe that this will not affect our strong growth trajectory or the value we deliver to our shareholders in the long term. According to the company, this will increase the confidence of shareholders.

Lower circuit in stock 

The company's stock opened in the morning with a slight decline from the previous closing level of Rs 208. But as soon as the company disclosed this on the exchange, the stock fell sharply and the stock slipped by 10 percent to Rs 187.92. Trading in the stock is currently closed due to a lower circuit.