Ahmedabad: A major controversy has emerged in Gujarat’s corporate and real estate sectors after Paras Patel, former Managing Director of Praveg Limited, filed a ₹100 crore defamation case against Praveg’s promoter, Harsh Vishnubhai Patel, who is the son of the company’s current chairman, Vishnubhai V. Patel.
Dispute Linked To Jagatpur Real Estate Venture
The dispute reportedly began in connection with V Square Project, Jagatpur, Ahmedabad—where Paras Patel and Harsh Vishnubhai Patel are partners in a real-estate development venture named Moneyplant Highstreet.
Internal Rift Escalates Into Legal Clash
According to sources, internal differences and allegations of mismanagement in this partnership have escalated into a full-blown legal battle, now spilling over into Praveg Limited’s public image.
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Market Reaction Reflects Investor Concerns
Following the news of the defamation suit, investor sentiment turned cautious, leading to a decline of over 10 percent in Praveg Limited’s share price within a short time. Market observers say the situation reflects growing concern among shareholders about ongoing promoter-level conflicts.
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