They have been directed to pay the penalty within 45 days, the Securities and Exchange Board of India (SEBI) said in its 89-page order.
This came after the regulator conducted an inquiry into the case of Jaiprakash Power Ventures Limited (JPVL), a part of the JP Group of Companies, to ascertain possible violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and LODR (Listing Obligations). and disclosure requirements) regulations.
In its investigation, Sebi found that the company overstated its books by not adopting correct accounting practices and by not measuring its investments in Sangam Power Generation Company Limited (SPGCL), JP Arunachal Power Limited (JAPL) and JP Meghalaya Power Limited (JMPL). was at fair value during FY 2012-13 to FY 2021-22, therefore, the Profit and Loss Account and Balance Sheet of the Company do not reflect a true and fair view.
“I believe that the company has overstated its books of accounts by way of non-payment of interest on its current investments, Foreign Currency Convertible Bonds (FCCBs) and other unsecured loans in the financial year 2018-19, therefore, the financial statements of the company have not reflected. True and A fair view,” said Sebi adjudicating officer Asha Shetty.
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By misrepresenting its books of accounts, JPVL has violated the provisions of PFUTP as well as LODR Regulations.
Accordingly, the regulator levied a fine of Rs 14 lakh on Jaiprakash Power Ventures, Rs 7 lakh on Jain, Gaur, Sharma and Singh and Rs 6 lakh on Porwal and Rao.
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