Prince Pipes And Fittings Reviews
900K CLAIMED LOSSES
3 TOTAL REVIEWS
Water tank leak in gaurnty period
Water tank leak In guaranty period But no response by sales person Complaint Very poor quality Money waste product
User's recommendation: Very bed experience.
Do Not Invest in Prince Pipes IPO
Stop Prince Pipes IPO immediately and protect investor from a potential fraud Prince Pipes' Rs. 500 crores IPO should be immediately stopped and 3rd party investigation (forensic audit by big 4) should be carried out so that investors interests are protected. FIR was registered on 7-12 -**** against promoters Jayant &;;;;; Heena Chheda in a cheating case by EOW Mumbai. They have a liability of crores of rupee Litigations on. They havent disclosed. That makes it a risky IPO. They are yet to settle pending claims of around Rs.900 crores of Montana Developers and face several suits in the matter which they have hidden from investors. SEBI must instruct the independent director, CA, CFO of Prince Pipe to resign for free &amp;amp;amp;amp; fair forensic audit to avoid a potential scam. Montana Developers had paid Rs.46.25 cr in 2010 for JVA for 35 lakh feet development with Prince Pipes group company Aditya Developer at Vasai west land. They allegedly diverted money to their personal purpose. Check before subscribing to Prince Pipes IPO. Moreover, Prince Pipes group co Aditya failed to fulfill its consent term with 300 slum developers. Aditya have to pay 10 lakh to each farmer, the amount comes to 30 crores. Price Pipes failed to disclose group company Aditya developers litigations/ claims against its promoters in DRHP 26th Sept 2017 (which was withdrawn) & DRHP dated 15th Oct 2018 and disclosed it later in the RHP dated 11th Dec 2019. Yet the company has not disclosed FIR registration against promoter Jayant Chheda, Heena Chheda by MUMBAI EOW police in RHP in clear violation of the SEBI (ICDR) Regulations, 2009. Prince Pipe IPO: FIR registered on 7-12-19 against promoters of Prince Pipe in a cheating case. RHP approved on 11-12-19, online available on 13-12-19,IPO on 18-12-19. After knowing about FIR, Prince Pipe launch IPO in 6 days (including Saturday, Sunday) short notice to collect Rs. 500 cr from investors. How can a promoter facing a registered FIR under u/s 406, 420 and 120 (B) of the IPC just a week ago can go for Rs 500 crore IPO? I strongly recommend all the investors to avoid dealing with prince Pipes or else in the end you will lose all your money.
Reason of review
Do not Invest in prince Pipes IPO
Beware to all the investors
Complaint against M/s. Prince Pipes & Fittings Ltd, Mr Jayant Shamji Chheda and Mrs. Heena Parag Chheda for Intentional Non-Disclosure of Outstanding Litigation against the Promoters/Directors of Prince Pipes & Fittings Ltd in the Draft Red Herring prospectus dated 26/09/2017 under the curse of non requirement of the same despite of there being direct provisions for disclosing the same under the Draft Notification Dated: 15/02/2018 issued by the Ministry of Corporate Affairs and the various provisions of the Companies Act 2013 and further making untrue disclosures about there being no pending litigation against the Promoters of Prince Pipes & Fittings Ltd with the sole intention of portravine that Prince Pipes & Fittings Ltd is free of litigation so as to lure investors, shareholders and the public at large to invest their hard earned money in Prince Pipes & Fittings Ltd, being aware of the fact that if at all information relating to pending litigation are disclosed it would deter substantial sums of money from getting into the Initial Public Offering of Prince Pipes & Fittings Ltd from the investors, shareholders and public at large as the value of the claim under the said litigations is much more than the value of the IPO of M/s. Prince Pipes & Fittings Ltd, so if they disclose information relating to pending litigation they are very well aware of the fact that the public would be reluctant to buy or invest in their shares so they have found an ingenious way of fooling the public at large by not disclosing our claim as well as the claim of other parties against the promoters of M/s. Prince Pipes & Fittings Ltd. Also the promoters of M/s. Prince Pipes & Fittings Ltd have found a way of generating money by virtue of this IPO by intentionally suppressing the important and material details of their promoters as if those details of the promoters are revealed wherein serious allegations of cheating, forgery, criminal breach of trust are leveled against its promoters, they would not be in a position to generate money which they are intending to do by virtue of this Initial Public Offering.
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