On December 24, 2024, Bharat Global Developers Ltd., previously known as Kkrrafton Developers Ltd., announced an important update regarding its corporate actions. The company has decided to temporarily defer its planned stock split and bonus issue until further notice. This decision comes after the Securities and Exchange Board of India (SEBI) issued an interim order on December 23, 2024, raising concerns about the company’s proposed actions.

In a letter to the Bombay Stock Exchange (BSE), Bharat Global Developers confirmed the temporary deferral of the record date for both the stock split and bonus issue. The company's management emphasized their commitment to regulatory compliance, ensuring that all actions align with the guidelines and expectations set by SEBI.

This proactive decision reflects the company's dedication to transparency and its understanding of the importance of maintaining the trust of its shareholders and other stakeholders. Bharat Global Developers stated that it is actively engaging with SEBI to address the concerns raised and is hopeful of achieving a fair and constructive resolution in the near future.

The interim order from SEBI has placed the company under temporary review, and as part of its commitment to the highest standards of corporate governance, the company chose to defer the actions related to the stock split and bonus issue. This is part of the company's proactive approach to ensure full alignment with regulatory requirements and safeguard the interests of all its stakeholders.

While this deferral may cause some delays for shareholders anticipating the bonus issue or stock split, the company has assured its investors that it is working diligently to resolve the matter and will provide updates in due course. The company’s legal and compliance teams are engaged in discussions with SEBI to address all issues raised by the regulatory body. Bharat Global Developers remains confident that a fair resolution will be reached promptly.

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