Shares in Indian developers Parsvnath Developers, Pincon Spirit, Signet and others have dropped by up to 20% after a crackdown on shell companies. The government has also been cracking down on the use of offshore companies for tax evasion purposes, with some firms being shut down.
Shares in Indian developers Parsvnath Developers, Pincon Spirit, Signet and others have dropped by up to 20% after a crackdown on shell companies. The Securities Appellate Tribunal recently upheld trading restrictions on the companies, which featured on a list of 331 "suspected shell companies" referred by the Indian government to the Securities and Exchange Board of India.