Blitz Bureau
NEW DELHI: In a jolt to real estate company Omaxe, the Securities and Exchange Board of India (SEBI) banned the company’s top management, including Chairman Rohtas Goel, from the securities market for two years. The markets regulator also barred the company’s Managing Director Mohit Goel and three others from the securities market for irregularities in the company’s financial statements.
The SEBI said in its “final order in the matter of misstatements and irregularities in the financial statements of Omaxe Limited and that these people have been prohibited from holding any position as Director or Key Managerial Person of any other listed company for two years.”
SEBI also imposed a Rs 47 lakh fine on 16 entries which need to be paid within 45 days.
“SEBI was in receipt of complaints against Omaxe Limited for fraudulent transactions, diverted/siphoned of funds, misrepresented the financial statements, inflated turnover etc,” read the 126-page order.
According to the markets regulator, the real estate company misrepresented the financial statements during 2018-19, 2019-20, and 2020-21 including revenue, debtors, advances, and expenses. The fraud was never disclosed to the shareholders of Omaxe.