Sebi disposes of adjudication proceedings against Sobha
时间:2024-06-26 11:32:51 阅读(143)
The Securities and Exchange Board of India (Sebi) has disposed of its adjudication proceedings against realty firm Sobha and four individuals in a case related to fraudulent trading and disclosure lapses. A settlement amount of Rs 2.92 crore was paid by the four individuals.
Sebi had conducted an investigation into certain transactions by Sobha with D K Shivakumar and his family which was allegedly against the interest of the minority shareholders of Sobha. This was for fiscal years FY17 to FY19. It was alleged that Sobha fraudulently misrepresented the receivables with respect to the construction of residence of DKS in FY17, FY18 and FY19 and the corresponding provisioning for the same during this time.
Service tax and GST dues of DKS were also misrepresented during the same period without disclosure of a change in accounting policy.
Also read| RIL case: Sebi likely to seek AG’s advice
All this allegedly led to publication of manipulated financial results for the three years, which painted a false picture about the financial health of the company. Apart from Sobha, the proceedings were initiated against the company’s then executive directors Ravi Menon, Jagdish Sharma and Ramakrishnan Prabhakaran, along with CFO Subhash Bhat. Following the settlement, the adjudication proceedings initiated against the entities in September 2021 have been disposed of by the regulator.
猜你喜欢
- No further rise seen in Russia’s share in India’s crude imports
- Nifty, Bank Nifty consolidating but overall structure remains positive; watch out for these stocks
- Rupee likely to remain rangebound amid mixed cues; USDINR pair to trade sideways in this range
- Aamaar Howrah! Decoding India’s oldest and busiest railway station – Check the history, interesting facts
- Rupee declines by 42 paise to 81
- Nifty to sink under 17700 or reverse trend- Check 8 things to know before share market opens
- ACC’S shares gain on Q2 results; Should you buy, hold or sell the stock-
- Rupee falls 6 paise against US dollar amid rising crude prices
- Adani Enterprises, SBI, HDFC AMC, Apollo Tyres, ITC, Ambuja Cement, Paytm, Berger Paints stocks in focus