Sebi disposes of adjudication proceedings against Sobha
时间:2024-06-26 11:09:30 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.
上一篇:APM Terminals Pipavav inks pacts with Gujarat Maritime Board, Welspun Group
下一篇:Zaggle Prepaid Ocean, Zomato and Century Plyboards among Mehta’s top stock recommendations
猜你喜欢
- Elon Musk eyes investment in India, billionaire Ray Dalio says India’s time has come, sees huge opportunity
- Adani Transmission, Adani Green Energy among 150 BSE stocks to touch 52-week lows, 75 stocks hit 52-week highs
- Explicit budget subsidies to drop 28% to Rs 4 trillion in FY24
- East West Metro- Take a look at swanky new Sealdah station in Kolkata – PHOTOS
- AMC stocks witness a subdued year
- Aether Industries IPO share allotment- Check status via BSE, Link Intime, grey market premium; listing in June
- Aditya Birla Capital clarifies on CEO Srinivasan’s exit, says found no merit in whistleblower complaints
- After Reliance-bp, Nayara Energy sells petrol, diesel at Re 1 less than PSUs
- Adani Enterprises zooms over 14%