Ahmedabad News: Ex-MD of Praveg Limited Files ₹100 Crore Defamation Suit Against Promoter
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 suit against the company’s promoter, Harsh Vishnubhai Patel.
Real EstateDefamation SuitPraveg LimitedCorporate ConflictInvestor SentimentReal Estate NewsOct 17, 2025
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.
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.
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.
Praveg Limited is a prominent real estate developer in Gujarat, known for its high-profile projects and strong market presence. The legal battle between Paras Patel and Harsh Vishnubhai Patel has raised concerns about the company’s stability and future prospects. Investors are closely watching the developments, as the outcome of the defamation suit could have significant implications for the company’s reputation and financial health.
The V Square Project in Jagatpur, Ahmedabad, is a key asset for both parties involved. The project’s success is crucial for the partners, and the ongoing legal dispute could potentially delay its completion and impact its market value. Real estate experts suggest that the dispute might also affect the confidence of potential buyers and investors in the project.
Legal experts predict that the defamation case could take several months, if not years, to resolve. The detailed allegations and counter-allegations will likely be scrutinized in court, and the outcome will have far-reaching consequences for both the individuals and the company. In the meantime, the market will continue to monitor the situation closely, and any further developments could influence the stock price and investor sentiment.
Praveg Limited’s management has not yet made any official statements regarding the defamation suit. However, the company’s board is expected to address the issue in its next meeting, and shareholders are eagerly awaiting any updates or resolutions.
For real estate investors and stakeholders, the case serves as a reminder of the importance of clear agreements and transparent management practices in partnership ventures. The ongoing legal battle highlights the potential risks and challenges that can arise in complex business relationships, especially in the highly competitive real estate sector.
As the legal proceedings unfold, the focus will be on how the court handles the allegations and whether a settlement can be reached to mitigate the impact on the company and its stakeholders. The business community in Gujarat and beyond will be watching closely to see how this high-profile case is resolved.
Frequently Asked Questions
What is the main reason for the defamation suit filed by Paras Patel?
The main reason for the defamation suit is the alleged mismanagement and internal differences in the real estate development venture named Moneyplant Highstreet, which involves the V Square Project in Jagatpur, Ahmedabad.
Who is Harsh Vishnubhai Patel?
Harsh Vishnubhai Patel is the promoter of Praveg Limited and the son of the company’s current chairman, Vishnubhai V. Patel.
How has the market reacted to the defamation suit?
Following the news of the defamation suit, Praveg Limited’s share price declined by over 10 percent, reflecting investor concerns about the ongoing promoter-level conflicts.
What is the V Square Project?
The V Square Project is a real estate development in Jagatpur, Ahmedabad, where Paras Patel and Harsh Vishnubhai Patel are partners in the venture named Moneyplant Highstreet.
What are the potential implications of the legal battle for Praveg Limited?
The legal battle could have significant implications for Praveg Limited’s reputation, financial health, and market confidence. The outcome of the defamation suit could affect the company’s stability and future prospects.
Related News Articles
Amitabh and Abhishek Bachchan Expand Real Estate Empire with INR 24.95 Crore Investment in Mulund
Bollywood icons Amitabh and Abhishek Bachchan have made a significant real estate investment in Mulund West, Mumbai, acquiring ten upscale apartments for INR 24.95 crore. This move highlights their strategic approach to property investments and their fait
Macrotech Developers Files IPR Suit Against Brother Over 'Lodha' Name
Mumbai: Macrotech Developers, a prominent real estate company headed by Abhishek Lodha, has initiated an intellectual property rights (IPR) lawsuit in the Bombay High Court to prevent his brother from using the 'Lodha' name.
Office Space Demand in Top 6 Cities to Reach 700 Lakh Sq Ft in 2025
Real estate consultant Colliers India projects a strong demand for office space in the top six cities, including Bengaluru, Pune, Hyderabad, and Chennai, with gross leasing transactions estimated at 650-700 lakh square feet this year.
LIC-backed Navratna Multibagger Penny Stock Secures Rs 82 Crore Order
A LIC-backed Navratna multibagger penny stock has secured a significant order worth Rs 82 crore, marking a major milestone in its growth trajectory. The company, which predominantly operates in the PMC segment, is poised for further expansion and increased market presence.
RBI Repo Rate Cut Fails to Boost Real Estate Stocks; Market Reaction Mixed
The Reserve Bank of India's (RBI) recent repo rate cut aimed to stimulate the economy and real estate sector, but the market's reaction has been mixed. Despite expectations of increased residential sales and better liquidity, stocks of major real estate companies like Phoenix Mills, Anant Raj, Sobha, and Oberoi Realty have not shown significant gains.
Mumbai Metro 2B Trial Begins: A Leap Towards Modern Urban Connectivity
Mumbai Metro 2B has officially commenced trials between Mandale and Chembur, marking a significant step towards enhancing the city's public transport network. This development is expected to provide much-needed relief to commuters and boost real estate and urban development in the region.