- Report: #1460835
Complaint Review: Withdrawal/Suspension of the rating given to the IPO of M/s. Prince Pipes & Fittings Ltd -
-
Author Confirmed
Why?
Withdrawal/Suspension of the rating given to the IPO of M/s. Prince Pipes & Fittings Ltd
India
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Withdrawal/Suspension of the rating given to the IPO of M/s. Prince Pipes & Fittings Ltd Other
Report Attachments
This complaint filed with sebi against prince pipes who's promoter is partner in their subsidiary Aditya developer . we had filed 900 crore claim and arbitration is going on
We are in receipt of letters dated May 30, 2018 and June 26, 2018 on the above subject. In this regard, we are grateful to you for bringing to our notice about complaint filed by you as weil as outstanding litigatior against the promoters/Directors of M/s. Prince Pipes & Fittings Ltd. In this regard, we would like to appraise you with various facts as enumerated below: a) We would like to clarify that CARE RATINGS LTD as a Credit Rating Agency has assigned the bank loan rating for bank facilities of M/s. Prince Pipes & Fittings Ltd and has not extended any IPO Grading Services to the same as mentioned in your letters under references. b) As per the present SEBI guidelines applicable, the bank loan ratings cannot be suspended. c) Further, we would like to clarify that on receipt of the letter dated May 30, 2018, CARE has carefully considered the various points raised by you and has reaffirmed the ratings. d) On July 27, 2018, CARE has reviewed the bank loan rating assigned to the bank facilities of the company and has revised the outlook from "Positive” to "Stable”. The press release for the same has been published on our website on August 03, 2018. We would like to assure you that CARE RATINGS LTD has taken adequate steps in following the processes and due diligence while arriving at the ratings in a fair and transparent manner as per our clarifications mentioned above. This complaint filed with sebi against prince pipes who's promoter is partner in their subsidiary Aditya developer . we had filed 900 crore claim and arbitration is going on
