Clarification on Legal Issues with Parsvnath Developers CEO

In light of recent news reports, Parsvnath Developers Limited has provided clarity on the situation involving their Managing Director & CEO, Mr. Sanjeev Jain, and a legal matter currently in the public eye. The issue relates to a consumer complaint from 2017 concerning a delay in handing over possession of a property unit.

The case was addressed by the Hon’ble National Consumer Disputes Redressal Commission (NCDRC) in New Delhi, which led to directives requiring Parsvnath Developers to make payments to the omplainant. While substantial payments were made as per the NCDRC’s order, a subsequent delay in the full refund process resulted in the issuance of a non-bailable warrant against Mr. Jain. The company has since taken steps to resolve the matter by depositing the necessary funds with the court, effectively addressing the issue related to the warrant.

Parsvnath Developers, a longstanding and reputable entity in the real estate industry, reaffirms its commitment to complying with all legal obligations and protecting the interests of its customers. The company and its promoters have consistently demonstrated their dedication to upholding the law and ensuring customer satisfaction.

Disclaimer: The information in this article is based on an official communication submitted to SEBI as per the regulatory requirements for a public limited company.