sebi:WTM/SKM/CFID/05/2020-21
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Facts / Headnote
Discontinuation of restraint/prohibition issued against the Noticee Company vide the interim order dated August 30, 2017; proceedings disposed of without any further directions.
Provisions invoked
- s. 19
- s. 11(1)
- s. 33(1)
Parties
- Parekh Aluminex Limited
Holding
SEBI discontinued the interim restraint/prohibition imposed on Parekh Aluminex Limited vide the interim order dated August 30, 2017, and disposed of the proceedings against the Noticee Company without any further directions.
Full text
Order in the matter of Parekh Aluminex Limited Page 1 of 5 WTM/SKM/CFID/05/2020-21 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Parekh Aluminex Limited Page 2 of 5 i. The accounts of the Noticee Company were mis-stated and the practices adopted while drawing up the accounts were inconsistent and dubious. ii. The Noticee Company had advanced monies which were in excess of limits prescribed under the Companies Act, 1956. iii. The Noticee Company had advanced a total loan of INR 1314 Crore as on December 3, 2012, for which no documentation was executed with the borrowers. The loans and advances extended by the Noticee Company were understated in its books of accounts. iv. The Noticee Company had adjusted loans extended by it to various companies against expenses which were not directly attributable to the business expenses of the Noticee Company. v. The classification of inventories and debtors was done wrongly by the Noticee Company. vi. The Statutory Auditor of the Noticee Company viz., Pabari & Co. had certified false and misleading Audit Report and had aided and abetted the Noticee Company in manipulating the financial statements.
Order in the matter of Parekh Aluminex Limited Page 3 of 5 delisting, the Noticee Company, its whole time directors, its promoters and the companies which are promoted by any of them are not allowed to raise capital either directly or indirectly in the securities market or to seek listing for any equity shares for a period of 10 years from the date of delisting.
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Source: SecMarx — sebi:WTM/SKM/CFID/05/2020-21. 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.