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The Securities and Exchange Board of India has issued a show-cause notice to the Chairman and Managing Director of PVR, Ajay Bijli, for alleged violation of listing norms.
In a release to the stock exchanges on Wednesday, the company said SEBI has alleged Bijli had violated norms under clauses 49D and 36 of the listing agreement and corresponding regulations. These guidelines pertain to disclosure of relevant information to shareholders and corporate governance norms.
“The company is reviewing the show-cause notice and is in the process of seeking legal advice to take appropriate action in the said matter,” PVR said in the release.
However, shares of the multiplex operator closed up about 1.87 per cent at ₹1,111.30 on the NSE.
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