The action was taken in a FEMA case linked to the alleged transfer of "huge cash" to Dubai by the company through hawala channels, the Enforcement Directorate said.
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The change in plan was due to poor market conditions, shifting of offices, and better performance of the company in 2022.
Joyalukkas had filed the IPO draft papers in February 2022 and was expected to announce the launch date early this year.
Watch the interview of Sachin Jain, President of Forevermark and Baby George, CEO of Joyalukkas with Manisha Gupta in which they talk about the jewellery and gold sector in the Indian market.
Basant Maheshwari, founder of The Equity Desk prefers Hawkins when compared to Prestige on the grounds that it is more focused on high return on equity or RoE. He believes Repco Home Finance will be the next multibagger.
The list of the 22 companies who have called-off their IPOs during 2012 include: Reid & Taylor, Tata Autocomp, Micromax, Embassy Property, Joyalukkas, Lokmat Media, VRL Logistics, Aravali Infrapower, Semantic Space Technologies