SEBI bans Rana Sugars' promoters, others from securities market for two years; imposes ₹63 crore fine
The Hindu
SEBI debars 14 entities, including Rana Sugars promoters, from securities markets, imposes ₹63-crore fine for fund diversion.
Markets regulator Securities and Exchange Board of India (SEBI) has debarred 14 entities including, Rana Sugars promoters' and other related entities from the securities markets for two years and slapped a ₹63-crore fine on them on charges of diversion of funds.
The regulator also prohibited Inder Pratap Singh Rana (promoter), Ranjit Singh Rana (chairman), Veer Pratap Singh Rana (MD), Gurjeet Singh Rana, Karan Pratap Singh Rana, Rajbans Kaur, Preet Inder Singh Rana and Sukhjinder Kaur (promoter) from holding any position as director or key managerial person of any other listed company for two years.
On SEBI chairperson’s conflicts of interests
Ranjit Singh, Veer Pratap and Sukhjinder Kaur were also the promoters of Rana Sugars Limited, as per the exchange data.
Individually, SEBI imposed penalties in the range of ₹3 crore to 7 crore on Rana Sugars, its promoters, and other related entities.
“I find that noticee No 1 to 9, who are promoters of RSL and beneficiaries of such diversion of funds from RSL, have violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.”
"...also find that Noticee No 10 (Manoj Gupta), who was CFO and signed and certified such manipulated financial statements of RSL, aided and abetted such diversion of funds from RSL to its promoters and their family members violated PFUTP regulations," SEBI's Chief General Manager G. Ramar said in the final order on Tuesday (August 27, 2024.)
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