SEBI fines Prabhu Steel and its promoters

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INVC NEWS
Mumbai  : The market regulator SEBI has imposed a total fine of Rs 12 lakh on Prabhu Steel Industries Limited (PSIL) and its promoters for violation of regulatory norms. The Securities and Exchange Board of India (SEBI) said in the order that a fine of Rs 3 lakh each is being imposed on PSIL and its promoters Harish Gangaram Agarwal, Dinesh Gangaram Agarwal and Akshita Harish Agarwal. Along with this, SEBI directed to deposit the fine within 45 days.

SEBI had received a review report from the National Financial Reporting Authority in the case of PSIL on February 14, 2022, highlighting serious lapses with respect to the accounting and auditing standards of the company. Subsequently, SEBI had investigated the misstatements in the financial statements of PSIL under the provisions of the Securities Contracts (Regulation) Act and Disclosure Rules. It found that PSIL had presented incorrect disclosures and financial statements for the financial year 2019-20.

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