PVR tanks 2% as chairman Ajay Bijli comes under Sebi radar

PVR's shares slumped almost 2% after its chairman Ajay Bijli received a show cause notice from market watchdog Securities Exchange and Board of India (Sebi) for violating two of the listing agreements. 

Sebi has accused Bijli for alleged violations of Clause 49D of the erstwhile Listing Agreement and corresponding Regulation 17(5) and of  Clause 36 of the erstwhile Listing Agreement and corresponding Regulation 30 of LODR.

Sebi data Clause 36 includes timely disclosures of relevant information by listed companies to their investors, while Clause 49D relates to corporate governance practices. 

PVR is in the process of seeking legal advice to take appropriate action in the said matter, it said.

Shares of PVR Ltd fell nearly 2% but recovered immediately to trade up 0.31%, at 1352 hours.