SEBI imposes a two-year ban and Rs 63 crore fine on Rana Sugars, promoters, and officials for fund diversion and non-disclosure violations.
SEBI has imposed a two-year ban on Rana Sugars, its promoters, and officials, along with a Rs 63 crore fine, due to charges of fund diversion. The entities have been prohibited from participating in securities markets and holding any position as director or key managerial person of any other listed company for two years. The regulator also directed Rana Sugars to recover Rs 607 crore from related entities and advised appointing an independent law firm for effective recovery. The investigation revealed that the company failed to disclose related parties in its financial statements and manipulated the movement of funds between the company and its related entities, violating PFUTP regulations.
August 27, 2024
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