Bharat Global Developers Ltd., shares of which were suspended for trading on Monday by market regulator SEBI, has temporarily deferred the record date for its proposed bonus issue and stock split.

In a clarification to the exchanges, Bharat Global said that the matter is under review but the company is committed to regulatory compliance, transparency and the highest standards of corporate governance.

“After careful deliberation with our legal and compliance teams, and in light of the interim order, the company has decided to temporarily defer the process of fixing the record date for the proposed bonus issue and stock split corporate actions,” Bharat Global said in its exchange filing.

The company also said that it remains dedicated to safeguarding the interests of its shareholders, adding that it is actively cooperating with SEBI to address the issues raised and is confident of achieving a fair and constructive resolution at the earliest.

However, the company did not share a timeline as to when will a resolution will be reached on the same.

SEBI wrote in its order that the company was trying to induce investors to buy its shares based on false disclosures, along with fake and fabricated orders and contracts to mislead and induce investors.

The rise in shares of Bharat Global was a result of wrong disclosures and misrepresented financials and the price rise in shares was timed to benefit certain preferential allottees.

You can read more on the SEBI order here.