Sebi fines IL&FS Transportation Networks Rs 1 crore for related party transactions
时间:2024-06-02 04:09:54 阅读(143)
The Securities and Exchange Board of India (Sebi) on Thursday fined IL&FS Transportation Networks (ITN) Rs 1 crore for related party transactions in group companies of IL&FS Financial Services (IFIN). In addition, Ramchand Karunakaran, then managing director of ITN, Dilip Bhatia, its chief financial officer and Krishna Ghag, the secretary of the audit committee of ITN during the examination period were fined Rs 25 lakh each.
Sebi had observed certain RPTs in the form of loans borrowed by ITN from IL&FS group companies in the financial years 2015-16, 2016-17 and 2017-18, which allegedly violated the provisions of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, Uniform Listing Agreement dated November 24, 2015 and accounting standards on related party disclosures such as AS18 for FY2015-16 and IndAS 24 for FY2016-17 and 2017-18.
The group companies include Gujarat Integrated Maritime Complex, Unique Waste Processing Company, Tierra Enviro, Livia India, Kanak Resources Management, Mota Layja Gas Power Company, Rapid Metrorail Gurgaon South (RMGSL) and Sabarmati Capital Two.
Thursday’s order observed that ITN’s transaction with RMGSL resulted in the materiality threshold of 10% with regard to RPTs getting crossed in FY15-16 where transactions were 19.77% of the turnover of the previous financial years. The company also failed to take approval of shareholders for the same.
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Further, ITN failed to take approval of shareholders in terms of LODR regulations for the RPTs with IFIN for FY15-16 and FY17-18 when the transactions were more than three times the materiality threshold.
ITN also failed to comply with relevant accounting standards for the period of FY15-16, 2016-17 and 2017-18.
Sebi also said the defaults on the part of all the noticees were repetitive in nature.
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