Sebi bars EKI Energy, MD Dabkara, others from market; imposes penalty
· Business · Economic Times, Business Standard
Sebi barred EKI Energy Services Ltd and its Managing Director Manish Kumar Dabkara from the securities market for two months and 12 months, respectively, for misrepresenting financial statements and diverting funds. The regulator also fined former CFO Mohit Kumar Agarwal for eight months and whole-time directors Naveen Sharma and Sonali Sheikh for five months and one month, respectively. Sebi imposed monetary penalties totalling Rs 88 lakh on the company and individuals for various violations of securities market regulations. The 94-page final order noted EKI had prematurely recognised revenue aggregating Rs 197.04 crore during the first three quarters of FY23, constituting reckless financial misrepresentation connected with investor decisions concerning its listed shares.
Why it matters
EKI Energy’s barred executives and the company face financial penalties and market exclusion, directly impacting investor confidence and the firm’s ability to operate in the securities market.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.