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The Board found that the promoters and promoter-related entities of the Company violated SEBI regulations and Section 67 of the Companies Act, 2013, by diverting company funds through connected entities for trading in the Company's shares, resulting in misleading disclosures to investors. The promoters submitted forged lender conduct letters and failed to disclose related party transactions as mandated under SEBI LODR Regulations. The Board observed weak internal controls and directed interim measures under SEBI Act to protect investor interests: promoters were restrained from holding directorial or KMP positions and from trading in securities; the announced stock split was stayed; and a forensic audit of the Company and its related parties was ordered. These directions remain in force pending further orders, with the promoters given an opportunity to file objections and seek a personal hearing.
The Board found that the promoters and promoter-related entities of the Company violated SEBI regulations and Section 67 of the Companies Act, 2013, by diverting company funds through connected entities for trading in the Company's shares, resulting in misleading disclosures to investors. The promoters submitted forged lender conduct letters and failed to disclose related party transactions as mandated under SEBI LODR Regulations. The Board observed weak internal controls and directed interim measures under SEBI Act to protect investor interests: promoters were restrained from holding directorial or KMP positions and from trading in securities; the announced stock split was stayed; and a forensic audit of the Company and its related parties was ordered. These directions remain in force pending further orders, with the promoters given an opportunity to file objections and seek a personal hearing.
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