Capital market regulator SEBI appointed a forensic auditor to look into financial statements of New Delhi-based real estate company TARC between years FY21-23, citing that disclosure by the company may have been ‘detrimental to the interest of investors’. The company’s stock lost 10% on Tuesday and ended at Rs 189.55. It has a market capitalisation of Rs 5,593.55 crore.
In a communication to the company, SEBI said it believes that the disclosure of financial information and business transactions of the company “have been dealt with in a manner which may be detrimental to the interest of investors or the securities markets.”
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TARC, in an exchange filing, stated that the matter will be addressed thoroughly and efficiently, with no impact on its financial, operational, or strategic objectives. The company added that it remains confident this will not affect its growth trajectory or its commitment to delivering long-term value to shareholders. “We believe this audit will eventually enhance shareholder trust, as we continue to prioritise transparency, compliance, and accountability in all areas of our business, ” it said.
TARC stated that it is providing all information requested by the regulator. The company reaffirmed its commitment to maintaining the highest standards of corporate governance, emphasising that all its processes are conducted with integrity and transparency.
The company posted a net loss of Rs 67. 35 crore and revenues of Rs 4.31 crore in Q2, Fy25. For Fy24, it posted a net loss of Rs 77.05 crore and revenue of Rs 111.45 crore in Fy24. The firm, which has recently been in the news for various reasons, reported a net loss of Rs 67.35 crore on revenues of Rs 4.31 crore in Q2 FY25, compared to a net loss of Rs 77.05 crore on revenues of Rs 111.45 crore in FY24.
On December 13, TARC announced that its subsidiaries—Fabulous Builders, Grand Buildtech, TARC Green Retreat—and its step-down subsidiary, Moon Shine Entertainment, are raising a total of Rs 340 crore through the issuance of non-convertible debentures.
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In late November, the company said that it sold 50 % of its TARC ISHVA residential project, valued at Rs 1,350 crore,
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