Sebi bans Ritman Infra, 6 officials from markets for violating LODR norms

Markets regulator Sebi on Monday directed Ritman Infra to comply with the provisions of listing obligations and disclosure requirements norms within six months besides restraining the firm from accessing the securities markets.

Five directors of the firm and its chief financial officer have also been barred from the securities market and prohibited from buying, selling or dealing in securities in any manner, the Sebi said.

In its final order passed on Monday, the Sebi from the forensic audit report noted that the firm not only failed to appoint a company secretary but also failed to have proper composition of the audit as well as nomination and remuneration committee.

"The directors of Noticee No 1 (Noticee No 2 to 6) and the Chief Financial Officer (Noticee No 8) are responsible for non-compliance with the applicable accounting standards which resulted into violation of Regulation 48 of the SEBI LODR Regulations," the regulator said.

Noticee 1 here refers to Ritman Infra Ltd while directors of the firm are -- Parag Majumdar, Falguni Majumdar, Dinesh Majumdar, Pushpa Majumdar and Lipika Ray. Dibyendu Sarkar is the chief financial officer.

Further, the company did not comply with applicable accounting standards such as AS-2, AS-10 and AS-13, as required under provisions of LODR norms.

The order comes after the regulator in its interim order in October 2017, directed appointment of independent forensic auditor to ascertain possible violation of listing obligations and disclosure requirements (LODR) regulations among other market norms by the firm.