Beware investors! Complaint against M/s. Prince Pipes & Fittings Ltd, & it's promoters
Complain ID : CC31083 110
Investments Complaint
Complaint Date : December 11, 2018
- State : Maharashtra
- City : Mumbai
Complaint against M/s. Prince Pipes & Fittings Ltd, Mr Jayant Shamji Chheda
and Mrs. Heena Parag Chheda for Intentional Non-Disclosure of Outstanding
Litigation against the Promoters/Directors of Prince Pipes & Fittings Ltd in the Draft Red Herring prospectus dated 26/09/2017 under the curse of non requirement of the same despite of there being direct provisions for disclosing the same under the Draft Notification Dated: 15/02/2018 issued by the Ministry of Corporate Affairs and the various provisions of the Companies Act 2013 and further making untrue disclosures about there being no pending litigation against the Promoters of Prince Pipes & Fittings Ltd with the sole intention of portraying that Prince Pipes & Fittings Ltd is free of litigation so as to lure investors, shareholders and the public at large to invest their hard earned money in Prince Pipes & Fittings Ltd, being aware of the fact that if at all information relating to pending litigation are disclosed it would deter substantial sums of money from getting into the Initial Public Offering of Prince Pipes & Fittings Ltd from the investors, shareholders and public at large as the value of the claim under the said litigations is much more than the value of the IPO of M/s. Prince Pipes & Fittings Ltd, so if they disclose information relating to pending litigation they are very well aware of the fact that the public would be reluctant to buy or invest in their shares so they have found an ingenious way of fooling the public at large by not disclosing our claim as well as the claim of other parties against the promoters of M/s. Prince Pipes & Fittings Ltd. Also the promoters of M/s. Prince Pipes & Fittings Ltd have found a way of generating money by virtue of this IPO by intentionally suppressing the important and material details of their promoters as if those details of the promoters are revealed wherein serious allegations of cheating, forgery, criminal breach of trust are leveled against its promoters, they would not be in a position to generate money which they are intending to do by virtue of this Initial Public Offering.
Remedy Sought :
1) Immediate stalling of the Initial Public Offering of M/S. Prince Pipes & Fittings
Ltd due to the intentional non-disclouser of pending litigations pertaining to the
above names as the same can have a catastrophic effect upon the money invested in the IPO.
2) Suspension of Merchant Banking License of JM Financial Limited and Edelweiss
Financial Services Ltd for abetting and actively and intentionally supressing material
facts despite being fuly aware of the fact that disclosure of the same is mandatory
and thereby violation the very spirit of the License Issued to them.
and Mrs. Heena Parag Chheda for Intentional Non-Disclosure of Outstanding
Litigation against the Promoters/Directors of Prince Pipes & Fittings Ltd in the Draft Red Herring prospectus dated 26/09/2017 under the curse of non requirement of the same despite of there being direct provisions for disclosing the same under the Draft Notification Dated: 15/02/2018 issued by the Ministry of Corporate Affairs and the various provisions of the Companies Act 2013 and further making untrue disclosures about there being no pending litigation against the Promoters of Prince Pipes & Fittings Ltd with the sole intention of portraying that Prince Pipes & Fittings Ltd is free of litigation so as to lure investors, shareholders and the public at large to invest their hard earned money in Prince Pipes & Fittings Ltd, being aware of the fact that if at all information relating to pending litigation are disclosed it would deter substantial sums of money from getting into the Initial Public Offering of Prince Pipes & Fittings Ltd from the investors, shareholders and public at large as the value of the claim under the said litigations is much more than the value of the IPO of M/s. Prince Pipes & Fittings Ltd, so if they disclose information relating to pending litigation they are very well aware of the fact that the public would be reluctant to buy or invest in their shares so they have found an ingenious way of fooling the public at large by not disclosing our claim as well as the claim of other parties against the promoters of M/s. Prince Pipes & Fittings Ltd. Also the promoters of M/s. Prince Pipes & Fittings Ltd have found a way of generating money by virtue of this IPO by intentionally suppressing the important and material details of their promoters as if those details of the promoters are revealed wherein serious allegations of cheating, forgery, criminal breach of trust are leveled against its promoters, they would not be in a position to generate money which they are intending to do by virtue of this Initial Public Offering.
Remedy Sought :
1) Immediate stalling of the Initial Public Offering of M/S. Prince Pipes & Fittings
Ltd due to the intentional non-disclouser of pending litigations pertaining to the
above names as the same can have a catastrophic effect upon the money invested in the IPO.
2) Suspension of Merchant Banking License of JM Financial Limited and Edelweiss
Financial Services Ltd for abetting and actively and intentionally supressing material
facts despite being fuly aware of the fact that disclosure of the same is mandatory
and thereby violation the very spirit of the License Issued to them.
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