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Prince Pipes and Fittings Ltd (PPFL), in its first draft red herring prospectus (DRHP) filed on 26 September 2017 did not disclose all litigations, claims and criminal proceedings against the promoters, Jayant Shamji Chheda and Heena Parag Chheda, and a firm connected to them, alleges Montana Developers Pvt Ltd. Montana was in a joint venture (JV) agreement with Aditya Developers, whose partners include the Chhedas. Montana had filed a criminal complaint on this matter.
Jayant Chheda and Heena Chheda each holds a 10% share of profit and losses as partners of Aditya Developers. Montana Developers has alleged misrepresentation of certain material information leading to fraudulent inducement to enter into JV agreement and making an interest free deposit of Rs462.5 million.