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Sebi slaps Rs 2.5 cr fine on TIL, former officials over 'fake' transactions

Markets regulator Sebi has imposed a penalty of Rs 2.5 crore on TIL Ltd and three former officials for indulging in fictitious purchase and sales leading to over-statement of sales and revenue for 2019-20 and 2020-21. The fine needs to be paid within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. Individually, the regulator has levied a fine of Rs 1 crore each on TIL and Sumit Mazumder, who was the chairman and managing director at the time of the violation. He is also one of the promoters of the company. Besides, a penalty of Rs 25 lakh each has been imposed on then CEO Ramesh Aggarwal and former CFO Shibaditya Ghosh. In its order, Sebi noted that the modus operandi followed by TIL was that it had issued fictitious invoices in the past financial years, which were subsequently cancelled in the next financial years by the issuance of credit notes and re-invoiced on the same day without proper documents to increase the sales turnover or trade receivabl

Sebi slaps Rs 2.5 cr fine on TIL, former officials over 'fake' transactions
Updated On : 31 May 2024 | 5:14 PM IST