Sebi penalises Kwality's former MD, others for misrepresenting company's financials

New Delhi, Jun 28 (PTI): Markets regulator SEBI has imposed a total fine of Rs 3.75 crore on former Kwality promoter Sanjay Dhingra, ex-director Sidhant Gupta, and former CFO Satish Kumar Gupta for misrepresenting the company's financials. Dhingra and Gupta each face a Rs 1.5 crore fine, while Gupta has been fined Rs 75 lakh. \r

All three are barred from the securities market for two years. SEBI’s probe revealed that Kwality's financial statements from FY 2016-17 to FY 2018-19 were fraudulently manipulated, violating PFUTP rules and LODR norms. The company went into insolvency in December 2018 and was acquired by Sarda Mines in 2022.