SEBI Bars Omaxe from Securities Market for Financial Irregularities

SEBI has banned real estate firm Omaxe, its chairman Rohtas Goel, managing director Mohit Goel, and three others from the securities market for two years due to irregularities in financial statements. A total fine of Rs 47 lakh has also been levied on 16 entities for fraudulent activities from FY 2018-19 to 2020-21.

In a major crackdown, the Securities and Exchange Board of India (SEBI) has barred real estate giant Omaxe, its chairman Rohtas Goel, managing director Mohit Goel, and three other individuals from accessing the securities market for two years due to significant financial misstatements.

Other individuals restrained include Sudhangshu S. Biswal, Arun Kumar Pandey, and Vimal Gupta. These individuals are also prohibited from holding positions as Directors or Key Managerial Personnel in any listed company for the same duration.

SEBI's final 126-page order indicates that these entities misrepresented the company's financial health between 2018 and 2021 to manipulate stock prices. A fine totalling Rs 47 lakh has been imposed on 16 entities involved. The fraudulent activities were aimed at misleading shareholders and investors, portraying inflated turnover and misrepresented debt figures.

(With inputs from agencies.)