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The Board found the Company and its promoters/directors guilty of extensive violations spanning FYs 2014-15 to 2019-20, including misstatements in financial statements, improper accounting treatments, and disclosure violations designed to defraud investors. Key violations included incorrect impairment accounting under Ind AS 36, improper capitalization of R&D costs violating AS 26/Ind AS 38, false shareholding pattern disclosures, misleading press releases, inadequate audit coverage of subsidiaries, and non-compliance with GDPR disclosure requirements. The Board imposed market access restrictions on all parties for specified periods, with promoters facing additional directorship bars. The Company must file impact statements with stock exchanges and publish subsidiary financial statements. Monetary penalties were levied against all parties, with promoters receiving higher penalties given their direct benefit from the fraudulent scheme.
The Board found the Company and its promoters/directors guilty of extensive violations spanning FYs 2014-15 to 2019-20, including misstatements in financial statements, improper accounting treatments, and disclosure violations designed to defraud investors. Key violations included incorrect impairment accounting under Ind AS 36, improper capitalization of R&D costs violating AS 26/Ind AS 38, false shareholding pattern disclosures, misleading press releases, inadequate audit coverage of subsidiaries, and non-compliance with GDPR disclosure requirements. The Board imposed market access restrictions on all parties for specified periods, with promoters facing additional directorship bars. The Company must file impact statements with stock exchanges and publish subsidiary financial statements. Monetary penalties were levied against all parties, with promoters receiving higher penalties given their direct benefit from the fraudulent scheme.
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