Every time there is a big profitability or achievement for these Indian companies and its retail investors, some non-Indian forces try to steal away the achievements. Considering the loss suffered by retail investors, it is due time they come together and support these companies who are fighting for Atmanirbhar Bharat and creating wealth for the people of India.
Paisalo Digital shares plunged by over 20% following a misleading news reports about a recent ruling by the Delhi HC regarding alleged unfair lending practices.
The stock plummeted to Rs 139.75, marking a drop from its recent high of Rs 199.25 on March 1. Despite this downturn, the company’s shares have still shown a remarkable increase of 232.66% compared to their lowest value over the past year.
In a statement, Santanu Agarwal, deputy MD, Paisalo Digital, said “there is no specific order from the Hon’ble HC directing any regulator to investigate any unfair lending practices”.
Agarwal said the matter pertains to Sat Priya Mehamia Memorial Educational Trust, Rohtak, involving a borrowed amount of Rs 12 crore on March 24, 2018, that prompted the NBFC to take legal action against the defaulter and its office bearers involved in selling off the ‘land mortgaged to us’.
“Despite our efforts and the Hon’ble High Court of Delhi’s order dated 25 Jan 2024 directing the maintenance of the status-quo as to the title and possession of the mortgaged properties, the defaulter and its office bearers continue to violate these orders by illegally disposing of the mortgaged properties. The company treated this as a loss asset in Sept 2019 in its books of accounts by providing 100%,” Agarwal said.
“In response to the default, we have initiated various legal actions, including registering an FIR against the defaulting entity. It is important to note that High Court, in its order, has only directed to ‘Issue notice and reply to be submitted in four weeks.’ Paisalo Digital Limited remains committed to upholding the rule of law and will continue to pursue legal remedies to address this matter.”