PC Jeweller hit a lower circuit of 5% at Rs 62.26 after the company informed that it has received a show cause notice (SCN) from the Securities and Exchange Board of India (SEBI).
The notice alleges non-compliance of certain provisions with regard to disclosures required in the matter of the companys accounts turning NPA, legal cases and resolution plan etc.However, the jewellery maker stated that it has been disclosing the required / relevant information in its quarterly results as well as results presentations and is therefore of the opinion that the aforesaid SCN is not likely to have any material impact on the financial, operational or other activities of the company as these informations are already in the public domain. All the legal cases are also currently sub-judice with no final ruling/judgement.
Further, the SCN also provides a settlement mechanism under the SEBI (Settlement Proceedings) Regulations, 2018 and the firm believes that all the aforesaid alleged non-compliances are covered under the same. It is at the same time availing legal advice with respect to the SCN and would take appropriate action in this matter in the due course of time.
PC Jeweller (PCJ) is one of the leading players in the gems and jewellery segment in India. PCJ, with its headquarters in Delhi, is engaged in the manufacture, retail and export of gold, diamond and studded jewellery.
The company reported consolidated net loss of Rs 197.98 crore in Q3 FY24 as compared with net loss of Rs 61.12 crore recorded in Q3 FY23. Revenue from operations tanked 95.3% YoY to Rs 40.06 crore in Q3 FY24.
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