Parsvnath Developers Addresses Legal Proceedings Involving CEO

Parsvnath Developers Limited has issued a statement addressing recent media reports concerning the involvement of their Managing Director & CEO, Mr. Sanjeev Jain, in a legal matter. The company seeks to clarify that while there have been reports regarding legal proceedings related to an allottee’s complaint about delayed possession of a unit, Parsvnath Developers is fully committed to complying with the directives of the Hon’ble National Consumer Disputes Redressal Commission (NCDRC) in New Delhi.

The company acknowledges that the legal proceedings arose from a consumer complaint filed in 2017, which led to a ruling by the NCDRC. Parsvnath Developers had already made substantial payments to the complainant as directed by the NCDRC. However, due to an issue in the repayment process, the NCDRC issued a non-bailable warrant against Mr. Sanjeev Jain. The company has since addressed the matter by depositing the required amount with the court, leading to the resolution of the warrant.

Parsvnath Developers emphasizes that both the company and its promoters have a long[1]standing reputation in the real estate industry as law-abiding entities. They reiterate their commitment to safeguarding the interests of all allottees and respecting the directives of the courts. The company assures that they remain focused on fulfilling their obligations and responsibilities towards their customers.

This clarification comes as part of the company’s ongoing commitment to transparency and upholding the highest standards of integrity in their business practices.

Disclaimer: The information provided in this article has been sourced from a company statement issued by Parsvnath Developers Limited.