Luxury cars and demat accounts valued at approximately Rs 6.5 crore have also been frozen under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said in a statement.
The mispresentation totals to more than Rs 7,500 crore, according to the regulator's order
With this partnership, Pizza Hut expects to increase its average order value by 10 per cent for orders that have Kwality Wall's ice cream and desserts, a joint statement said.
Other banks involved in the case are Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank and Syndicate Bank
The Sensex is just 0.38 percent and the Nifty about 0.6 percent away from hitting fresh record highs.
Global private equity player, KKR had filed insolvency plea against Kwality. In 2016, Kwality had raised Rs 300 crore from KKR India Financial Services and got an additional commitment of Rs 220 crore.
Shailendra Ajmera, who is part of multinational consultancy firm EY, has been appointed as the resolution professional to conduct the insolvency proceedings, which started in December 2018 following an order of the National Company Law Tribunal (NCLT).
Shailendra Ajmera, who is from multinational consultancy firm EY, has been appointed as the resolution professional to conduct the insolvency proceedings.
Most technical experts feel that the momentum is likely to continue in December as well. The Nifty50 which reclaimed 10,800 is on track to hit 11,000 in this year as well.
A cheap stock could remain cheap forever if the value is destroyed. Stocks like Gitanjali Gems never recovered from that cheap zone as the business was completely wiped out post the Nirav Modi crisis
Kwality's QIP issue was opened late on September 14 evening with a floor price of Rs 21.20 per share.
Businesses that breach trust and indulge in bad practices are bound to fail. It will only be a matter of time before that happens.
There were pending sell orders of 162,454 Kwality shares, with no buyers available.
Net Sales are expected to increase by 10.5 percent Y-o-Y (down 4.4 percent Q-o-Q) to Rs. 1,695.5 crore, according to KR Choksey.
The market breadth was in favour of the declines with 526 stocks advancing while 1207 declined and 293 remained unchanged. On the other hand, in the BSE, 862 stocks advanced and 1751 declined and 186 remained unchanged.
Most experts are calling this to be a pre-budget rally and the euphoria is tied up to the Budget, and thankfully the December quarter earnings have not been bad in fact some of them were better than estimates.
The company will touch Rs 9000 crore in revenues by 2020 with EBITDA margins target of 9-9.5 percent, said Naval Sharma, President, Kwality
Jubilant Food, Britannia, ADF Food, Heritage Food, Hindustan Food and Kwality will get astrological support, says Satish Gupta of astrostocktips.
Sudarshan Sukhani of s2analytics.com is of the view that one can sell Havells India and Kwality and buy Hindustan Unilever and Biocon while can hold Indo Count Industries.
In an interview to CNBC-TV18, Nawal Sharma, President & Head-Business Transformation at Kwality spoke about the latest happenings in the company.