₹ 22.64 crore fine on 82 companies including Bombay Dyeing, know what is the reason

SEBI Action on Bombay Dyeing Industry Limited: The Securities and Exchange Board of India (SEBI) has taken a big action in the country. SEBI has imposed heavy fines on a total of 82 companies including Bombay Dyeing and Manufacturing Company Limited.

fined so much
SEBI has imposed a fine of Rs 22.64 crore on 82 companies and people associated with them in the case of Bombay Dyeing, Sunstar Realty and Religare Finvest. SEBI says that in the case of misappropriation of money in Religare, a fine ranging from Rs 2 lakh to Rs 1 crore has been imposed on Fortis Healthcare and others. This amount has to be paid within 45 days.

misappropriation of funds
As per the SEBI order, the funds of Religare Enterprises (RIL) were transferred through its subsidiary Religare Finvest (RFL) for the benefit of the earlier promoters. Along with this, its promoters Malvinder and Shivinder Mohan Singh also misused funds for repayment of loans taken from RFL.

This is the main reason for the fine
Let us tell you that in the order of 390 page SEBI said that under the complete scheme of fraud, Rs 2,473.66 crore has been transferred to Religare. Out of this Rs 487.92 crore of RFL was misused. REL holds 85.64 per cent stake in RFL.

59 lakh fine in Bombay Dyeing
A total fine of Rs 59 lakh has been imposed on 9 people in the Bombay Dyeing case. All these people were members and CFOs of the company’s audit committee. These people misrepresented the plans for the financial statements between the financial years 2012 to 2019. In this, wrong figures have been shown in revenue and profit. Earlier in October, SEBI had banned 10 people and companies from trading in the stock market. This included Bombay Dyeing’s promoters Nusli Wadia, Ness Wadia and Jeh Wadia. A fine of Rs 15.75 crore was imposed on them.

21 people fined
A total of 21 people have been fined Rs 1.05 crore in the Sunstar Realty case. These people used to reduce and increase the price of the company by gambling in the shares. All have been fined Rs 5 lakh each. It was probed by SEBI between June 2015 and March 2016.

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