https://www.taxtmi.com/caselaws?id=311117 SEBI imposed penalty of Rs.5,00,000 on statutory auditors for facilitating fraudulent accounting practices at CG Power despite being aware of irregularities and misstatements in financial statements for 2016-17 and 2017-18. The adjudicating officer rejected arguments regarding inordinate delay in issuing show cause notice and non-provision of documents, holding that SEBI Act prescribes no time limit for initiating proceedings and principles of natural justice were satisfied. Auditors violated sections 12A(a), (b), (c) of SEBI Act and PFUTP Regulations by acting against fiduciary capacity and enabling book cleaning scheme. en-us Thu, 20 Apr 2023 00:00:00 +0530 Sat, 09 Dec 2023 08:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311117 SEBI imposed penalty of Rs.5,00,000 on statutory auditors for facilitating fraudulent accounting practices at CG Power despite being aware of irregularities and misstatements in financial statements for 2016-17 and 2017-18. The adjudicating officer rejected arguments regarding inordinate delay in issuing show cause notice and non-provision of documents, holding that SEBI Act prescribes no time limit for initiating proceedings and principles of natural justice were satisfied. Auditors violated sections 12A(a), (b), (c) of SEBI Act and PFUTP Regulations by acting against fiduciary capacity and enabling book cleaning scheme. Case-Laws SEBI Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311117