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Seizure Of Data By Police : Prajay Engineers hints at delay in annual results
City-based Prajay Engineers Syndicate engaged in the realty space has informed the stock exchanges that with the seizure of electronic data, documents by the police personnel, the day to day operations of the company has come to stand still and there will be delay in publishing the annual accounts of the company for the financial year 2018-19.
Hyderabad: City-based Prajay Engineers Syndicate engaged in the realty space has informed the stock exchanges that with the seizure of electronic data, documents by the police personnel, the day to day operations of the company has come to stand still and there will be delay in publishing the annual accounts of the company for the financial year 2018-19.
The company also said that with the seizure of bank accounts, it is unable to make payments to the suppliers resulting in imposing penalty by them.
The disputes/clashes among the Prajay Engineers syndicate Limited promoters D Vijay Sen Reddy and his sister-in-law D Hymavathi Reddy (joint family) can be attributed to be the main reason for Prajay facing such unforeseen circumstances, the company said in a statement.
"The company is unable to honour the commitments to the OTS approved banks, where Banks were kind enough to consider our request for One Time Settlement by considering the slump in the real estate market.
Even some banks have served notices to us stating to cancel the OTS since payments are not made in time as per the terms of the sanction," said D Vijay Sen Reddy, MD, Prajay Engineers Syndicate.
Recently, all bank accounts of the company including personal accounts of promoters/MD of the company got debit freeze with the banks.
During search at head office of the company, police have seized the computers, hard disks, back up CDs, electronic data.
All the seized data related to the parent company i.e. Prajay Engineers Syndicate Limited and its associate/subsidiary companies, is kept under the custody of Jubilee Hills Police Station, the statement added.
