Sebi Imposes Fines on DB Realty and Key Figures

The Securities and Exchange Board of India (Sebi) has fined eight entities a total of Rs 25 lakh for financial misstatements and non-disclosures, targeting DB Realty and its key officials. The penalties are linked to violations in accounting standards and disclosure rules concerning a loan guarantee.

The Securities and Exchange Board of India (Sebi) has imposed substantial fines totaling Rs 25 lakh on eight entities, citing financial misstatements and violations related to non-disclosures. This action primarily targets DB Realty, also known as Valor Estate, alongside its leading figures.

Sebi's recent order outlines a Rs 5 lakh fine on DB Realty's promoter and Chairperson-MD, Vinod Kumar Goenka, as well as promoter and MD, Shahid Balwa Usman. Additional penalties of Rs 2 lakh were imposed on Asif Yusuf Balwa, Jayvardhan Vinod Goenka, Salim Balwa Usman, Sunita Goenka, and Nabil Yusuf Patel.

The regulator found discrepancies in DB Realty's compliance with accounting standards, which affected its financial statement transparency and disclosure obligations, particularly regarding a loan guarantee provided to the Bank of India on behalf of Pune Buildtech Pvt Ltd (PBPL).

(With inputs from agencies.)