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

Press Trust of India  |  New Delhi 

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 have also been barred from the 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 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 (Noticee No 8) are responsible for non-compliance with the which resulted into violation of Regulation 48 of the SEBI LODR Regulations," the regulator said.

Noticee 1 here refers to while directors of the firm are -- Parag Majumdar, Falguni Majumdar, Dinesh Majumdar, and is the

Further, the company did not comply with 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 to ascertain possible violation of listing obligations and disclosure requirements (LODR) regulations among other market norms by the firm.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 20:41 IST