CONFIRMATORY ORDER IN THE MATTER OF PAR DRUGS AND CHEMICALS LIMITED
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What is this order about?
SEBI's confirmatory order addresses Par Drugs and Chemicals Limited (PDCL) for alleged non-compliance with securities regulations regarding a slump sale transaction involving its core business to a promoter-related entity, Phal-Jig Fine Chemicals Private Limited (PJFCPL).
Who it concerns
Par Drugs and Chemicals Limited (PDCL), Phal-Jig Fine Chemicals Private Limited (PJFCPL)
What was found or directed
- SEBI found PDCL's valuation method for slump sale did not account for intangibles, employees, goodwill, and business as a going concern
- Valuation reports did not specify valuation for slump sale of a profitable going concern
- PDCL failed to provide a fairness opinion as claimed in EGM notice
- SEBI noted the transaction could have caused grave injustice to public shareholders due to undervaluation
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | WTM/KV/CFID/CFID-SEC4/32246/2025-26 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-03-25
ORDER_1774324130.pdf
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