Sebi fines Orient Trimex, eight others ₹1.35 crore for falsifying accounts

Sebi has penalised Orient Trimex and eight others ₹1.35 crore for booking fictitious sales and purchases through untraceable entities and publishing misleading financial results

The Securities and Exchange Board of India (Sebi) on Wednesday imposed a total penalty of ₹1.35 crore on Orient Trimex and eight others for alleged manipulation of financial statements between April 2017 and March 2020.

 

In the adjudication order, Sebi noted that the company booked fictitious sales and purchases through 22 entities, many of which had cancelled GST registrations, were struck off or were not traceable. Sales and purchases with these 22 entities accounted for nearly 80 per cent to 89 per cent of the total revenue and purchases between FY18 and FY20, Sebi observed.

 

The market regulator highlighted that the company published misleading financial results and violated securities laws.