Seya Industries

Markets regulator Sebi has slapped penalties totalling Rs 58.50 crore on four Seya Industries' senior executives, including promoter and Chairperson Ashok Rajani and his son Amrit Rajani, for alleged siphoning of funds and manipulation of financial statements. The regulator imposed a fine of Rs 28 crore each on Ashok Ghanshyamdas Rajani and Amrit Rajani (Chief Financial Officer of Seya), Rs 2 crore on Asit Kumar Bhowmik and Rs 50 lakh on Sivaprasada Rao Buddi, Sebi said in the final order passed on Friday. In a 122-page order, Sebi found that Seya Industries had siphoned off funds worth Rs 81.26 crore to companies related to promoter entities (Whiz Enterprises, Aneeka Universal and Shri Balaji Entertainments) on the pretext of purchases and sales from/to them and/or through undisclosed fund transfers during FY19, FY20 and FY21, thereby flouting norms. The money was routed through companies privately held by the family of Ashok Rajani, chairman and managing director (CMD), and CFO of

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