SEBI bars Debock Industries, its MD Mukesh Singh for 7 years; slaps penalty
SEBI says Debock Industries, with Singh at the helm, inflated its financials through fictitious sales and purchases and circular transactions after its listing on NSE Emerge
The Securities and Exchange Board of India (SEBI) has imposed significant penalties on Debock Industries Ltd and its managing director, Mukesh Singh, as part of an investigation into alleged accounting fraud. The market regulator has barred both the company and Singh from the securities market for seven years, and has ordered the return of ₹49 crore diverted from Debock Industries' 2023 rights issue, along with interest.
SEBI has also slapped penalties totaling over ₹29 crore on the company, Singh, and others involved in the fraudulent scheme. The fraudulent activities included inflating financials through fictitious sales and purchases, circular transactions, and fraudulent ledger entries, resulting in an unlawful gain of ₹59.30 crore.
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