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Raj Tube Manufacturing faces SEBI penalties stemming from an adjudication order. SEBI found the company engaged in fraudulent practices, including inflating sales through fictitious circular trading with connected entities for over three years. Funds were also misused and siphoned to key management personnel and their relatives via a conduit entity. The company’s Board and Audit Committee members were also penalized for failing their oversight duties. Raj Tube Manufacturing itself must pay ₹7 Lakh. While management faces additional penalties, the company states the financial impact is not material, and business operations remain unaffected.
All announcements from Rajasthan Tube Manufacturing Company Ltd