Sebi fines Jaiprakash Power Ventures, top officials for misrepresenting co's financial statements
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Markets regulator Sebi on Friday imposed a penalty totalling Rs 54 lakh on Jaiprakash Power Ventures, its MD and CEO Suren Jain and other top officials for misrepresenting the company's financial statements. Others who have been penalised by Sebi are company's chairperson Manoj Gaur, executive directors -- Sunil Kumar Sharma and Praveen Kumar Singh -- chief financial officer R K Porwal and former whole-time member M K V Rama Rao. They have been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its 89-page order. This came after the regulator conducted an investigation in the matter of Jaiprakash Power Ventures Ltd (JPVL), a part of the Jaypee Group of companies, to ascertain the possible violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and LODR (Listing Obligations and Disclosure Requirements) rules. In its probe, Sebi found that the company overstated its...