sebi:Order/BM/RK/2024-25/30721-30723
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Facts / Headnote
Violations of LODR Regulations established against Noticee 2, Noticee 3 and Noticee 4 for misrepresented financial statements for FY 2019-20; penalty under Section 15J of SEBI Act to be considered; company under CIRP moratorium w.e.f February 01, 2024.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 27
- s. 15J
- s. 28A
- s. 14
- s. 2(6)
- s. 120
- s. 129(3)
Regulations
- Reg. 201
- Reg. 30
- Reg. 4(1)(a)
- Reg. 30(7)
- Reg. 4(1)
- Reg. 48
- Reg. 17(8)
- Reg. 4(2)(f)(i)
- Reg. 17
- Reg. 30(6)
- Reg. 2
- Reg. 33(3)(b)
Parties
- SKIL Infrastructure Limited
- Nikhil Gandhi, Promoter, Chairman & Whole Time Director (Noticee 2)
- Bhavesh Gandhi, Vice Chairman & Whole Time Director (Noticee 3)
- Shekhar Gandhi, Chief Financial Officer (Noticee 4)
Holding
Noticee 2, Noticee 3 and Noticee 4 violated LODR Regulations r/w Section 27 of SEBI Act by failure to ensure true and fair financial statements of SKIL Infrastructure Limited for FY 2019-20, including non-booking of interest and non-consolidation of associates and delayed disclosure.
Full text
Adjudication order in the matter of SKIL Infrastructure Limited. Page 2 of 48 Exchange Board of India Act, 1992 (‘SEBI Act’), SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (PFUTP Regulations) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (LODR Regulations) by the Company and Nikhil Gandhi, Promoter, Chairman & Whole Time Director (hereinafter referred to as Noticee 2), Bhavesh Gandhi, [Vice Chairman & Whole Time Director] (hereinafter referred to as Noticee 3) and Shekhar Gandhi [Chief Financial Officer] (hereinafter referred to as Noticee 4) . The period of investigation was taken from April 01, 2019 to March 31, 2020 i.e. FY2019-20. (hereinafter referred to as “Investigation Period” / “IP”). However, wherever deemed necessary, references have been made to the events/timeframes outside this period.
Adjudication order in the matter of SKIL Infrastructure Limited. Page 3 of 48 furnished false certification to the board of directors stating that financial statement presented true and fair view and being CFO, he was in charge of finance and
Adjudication order in the matter of SKIL Infrastructure Limited. Page 4 of 48 Sr. No. Alleged Violations by (Noticees/Company) Regulatory provisions 4. Noticee 4 Regulation 17(8) of SEBI (LODR) Regulations 2015, Regulations 4(1),4(2)e,33(1)(a), 33(1)(c), 33(3)(b), 34(2)(b, 34(3) and 48 of SEBI (LODR) Regulations, 2015 r/w Section 27 of SEBI Act, 1992.
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Source: SecMarx — sebi:Order/BM/RK/2024-25/30721-30723. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.