Parsvnath Developers accepted the resignations of three independent directors—Mr. Ramesh Chand Gupta, Mr. Subhash Chander Setia, and Dr. Rakshita Shharma—effective July 14, 2026. The resignations were attributed to personal pre-occupations, ill health, and an inability to dedicate time following a family demise, respectively. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal, New Delhi Bench, with Mr. Manoj Kumar Anand serving as the Resolution Professional. The intimation was submitted to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Ramesh Chand Gupta resigned due to personal pre-occupations and other commitments, while Mr. Subhash Chander Setia cited ill health. Dr. Rakshita Shharma stepped down following her father's demise. All three directors confirmed there were no material reasons for their resignations other than those disclosed in their letters. The company attributed a minor delay in informing the exchanges to the time taken to seek legal opinion regarding the resignations during the CIRP process.

The resignations resulted in the cessation of membership across several board committees. Mr. Ramesh Chand Gupta vacated positions on the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee. Mr. Subhash Chander Setia ceased to be the Chairperson of the Audit Committee, Stakeholders Relationship Committee, Risk Management Committee, and Corporate Social Responsibility Committee, in addition to being a member of the Nomination and Remuneration Committee.

Dr. Rakshita Shharma ceased to be the Chairperson of the Nomination and Remuneration Committee. The disclosure referenced the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company has been requested to file the necessary Form DIR-12 with the Registrar of Companies to reflect these changes in the official master data.

The table below details the committee positions vacated by the resigning directors:

The Supreme Court has frozen the bank accounts of Parsvnath Developers and its wholly owned subsidiary, Parsvnath Hessa Developers Private Limited, along with the personal accounts of their Managing Directors, Directors, and Officers. The order, dated July 13, 2026, also includes the issuance of bailable warrants against the developers and their officers to secure their presence before the court on July 20, 2026. The directives were issued during the hearing of writ petitions concerning the possession of flats and compensation for the Parsvnath Exotica project in Gurugram.

The court's intervention follows the developers' failure to comply with orders passed by the Haryana Real Estate Regulatory Authority (HRERA). HRERA had previously directed the builders to pay interest at 9.3% per annum to homebuyers for delays in handing over possession, which was originally due in February 2013. Despite recovery certificates amounting to ₹1.81 crores being issued, no amount was recovered between June 2023 and April 2024, prompting the petitioners to approach the Supreme Court.

Key Directives from the Supreme Court

The court's order imposes immediate restrictions on the financial and operational activities of the respondent companies. The directives aim to ensure compliance and secure the presence of the concerned officials for the next hearing.

Background of the Dispute

The writ petitions highlight the plight of homebuyers who paid the total sale consideration, approximately ₹1.78 crores per flat, nearly two decades ago. The petitioners, who are senior citizens, were allotted units in 2006, but construction remains incomplete. HRERA orders dated November 26, 2021, had ruled in favor of the homebuyers, but the builders allegedly disregarded these directions and frustrated execution proceedings.

The Supreme Court noted that the efficacy of the statutory mechanism under the Real Estate (Regulation and Development) Act, 2016, depends on securing compliance with orders. The court observed that the respondents displayed a disregard for the authority of HRERA by ignoring final orders and evading arrest warrants. The matter has been posted for further hearing on July 20, 2026.