Now Reading: Sebi Settles Financial Reporting Case Against IPCL Director for Rs 24.7 Lakh
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Sebi Settles Financial Reporting Case Against IPCL Director for Rs 24.7 Lakh
Sebi Settles Financial Reporting Case Against IPCL Director for Rs 24.7 Lakh
Markets regulator Sebi has settled adjudication proceedings against India Power Corporation Ltd managing director Raghav Raj Kanoria after receiving Rs 24.7 lakh. The case concerned alleged misreporting in IPCL’s financial statements for…
The Story in Brief
Markets regulator Sebi has settled adjudication proceedings against India Power Corporation Ltd managing director Raghav Raj Kanoria after receiving Rs 24.7 lakh. The case concerned alleged misreporting in IPCL’s financial statements for 2022-23 and 2023-24.
Sebi alleged that the accounts did not recognise Expected Credit Losses on Rs 199.70 crore owed by Power Trust and Rs 37.53 crore in unsecured loans, including accrued interest. Kanoria applied for settlement in July 2025 without admitting or denying the findings. Sebi’s advisory committee recommended the settlement, which its Whole Time Members accepted in May. Kanoria paid on June 17, and Sebi then closed the proceedings.
The Indian Opinion
The settlement should not be presented either as proof of fraud or as a clean bill of health. It resolves a regulatory proceeding without an admission or denial, while the alleged omissions involved large sums. The Rs 24.7 lakh payment also cannot by itself measure the financial impact of the accounting issue. Readers should watch whether IPCL’s later accounts recognise the disputed losses and whether Sebi takes action against the company or other responsible officers.
Source: legal.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
