{ "version": "https://jsonfeed.org/version/1.1", "title": "Market Manipulation: Misleading issuer disclosure enforcement actions", "home_page_url": "https://marketmanipulation.org/cases/technique/misleading-issuer-disclosure/", "feed_url": "https://marketmanipulation.org/feeds/technique/misleading-issuer-disclosure.json", "description": "The 30 most recent enforcement records tagged misleading issuer disclosure in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges.", "language": "en-US", "items": [ { "id": "https://marketmanipulation.org/cases/sebi-104811-market-abuse-2026/", "url": "https://marketmanipulation.org/cases/sebi-104811-market-abuse-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/sep-2026/settlement-order-in-the-matter-of-lloyd-enterprises-limited_104811.html", "title": "SEBI v. Lloyds Enterprises Limited and others (advances and financial statements, settlement, 2026)", "summary": "In September 2026 SEBI settled potential enforcement against Lloyds Enterprises Limited, its managing director and its chief financial officer over advances of about Rs 144.82 crore that were not provided for in the company's accounts. The three paid Rs 4.16 crore in total without admitting or denying the allegations.", "date_published": "2026-09-29T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-104726-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-104726-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/sep-2026/order-in-the-matter-of-non-compliance-of-minimum-public-shareholding-in-omaxe-limited_104726.html", "title": "SEBI v. Omaxe Limited and others (minimum public shareholding via company funds, 2026)", "summary": "A SEBI senior officer found that Omaxe Limited's own money, routed through related companies and brokers, paid for shares bought in two 2013 offers for sale that were then counted towards the company's minimum public shareholding. The September 2026 order restrained six noticees from the securities market for between three months and a year and imposed penalties totalling Rs 1.92 crore.", "date_published": "2026-09-24T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-104152-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-104152-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2026/order-in-the-matter-of-tarapur-transformers-limited-_104152.html", "title": "SEBI v. Tarapur Transformers Limited and others (diverted funds and inflated receivables, 2026)", "summary": "A SEBI quasi-judicial authority found in August 2026 that Tarapur Transformers, a listed transformer maker, diverted funds to related parties and overstated trade receivables, and that a director did not cooperate with SEBI's summons. The order restrains nine noticees for three to five years and penalises two individuals Rs 32 lakh in total.", "date_published": "2026-08-31T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-104109-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-104109-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2026/final-order-in-the-matter-of-ipo-of-trafiksol-its-technologies-limited_104109.html", "title": "SEBI v. Trafiksol ITS Technologies Limited and others (misleading IPO prospectus, 2026)", "summary": "A SEBI whole-time member found in August 2026 that the SME IPO prospectus of Trafiksol ITS Technologies contained misleading financial disclosures and concealed material facts, with the company and its two promoters held responsible. Each is restrained for a year, and penalties total Rs 1.05 crore.", "date_published": "2026-08-28T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-104110-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-104110-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2026/final-order-in-the-matter-of-debock-industries-limited_104110.html", "title": "SEBI v. Debock Industries Limited and others (fictitious issues, inflated sales and diverted rights-issue funds, 2026)", "summary": "A SEBI whole-time member found in August 2026 that Debock Industries moved to the NSE main board through fictitious preferential issues, inflated its sales and purchases, and diverted Rs 49 crore of a rights issue to its promoters and related entities. Eleven noticees are debarred for two to seven years, three must disgorge about Rs 59.31 crore, and penalties total Rs 29.57 crore.", "date_published": "2026-08-28T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/sebi-104019-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-104019-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2026/final-order-in-respect-of-varanium-cloud-limited_104019.html", "title": "SEBI v. Varanium Cloud Limited and others (false accounts, diverted IPO funds and share sales, 2026)", "summary": "A SEBI whole-time member found in August 2026 that Varanium Cloud, an SME-listed company, misrepresented its financial statements and prospectus and diverted Rs 62.51 crore of IPO and rights-issue money, while its promoter sold shares at inflated prices. The final order imposes debarments of up to seven years, disgorgement of about Rs 128.77 crore from the promoter and penalties totalling Rs 33.08 crore.", "date_published": "2026-08-25T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/sebi-103935-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-103935-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2026/order-in-the-matter-of-max-financial-services-limited_103935.html", "title": "SEBI v. Max Financial Services Limited and others (alleged share-buyback scheme with Axis group, dismissed, 2026)", "summary": "In August 2026 a SEBI whole-time member disposed of, without any direction or penalty, proceedings against Max Financial Services, Max Life, three Axis group companies and seven current or former officers. The notice alleged a scheme to give Axis Bank extra benefits through share issues and buy-backs and incomplete disclosures; the order found fraud and the disclosure charges not established.", "date_published": "2026-08-24T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-103299-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-103299-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/jul-2026/final-order-in-the-matter-of-unauthorised-pledge-of-immovable-property-of-zee-entertainment-enterprises-ltd-_103299.html", "title": "SEBI v. Zee Entertainment Enterprises Ltd. and others (unauthorised pledge of company property, 2026)", "summary": "A July 2026 SEBI order found that title deeds to a Hyderabad property of Zee Entertainment were pledged in December 2018 as security for Essel Group borrowers' loans without proper authorisation or disclosure. It restrains the company for two months and its former chairman and managing director for twelve months each, with penalties of Rs 1.48 crore in total.", "date_published": "2026-07-31T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-103251-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-103251-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/jul-2026/final-order-in-the-matter-of-kalahridhaan-trendz-ltd-_103251.html", "title": "SEBI v. Kalahridhaan Trendz Limited and others (false corporate announcements, 2026)", "summary": "A SEBI whole-time member ruled in July 2026 that Kalahridhaan Trendz and its managing director made false and misleading announcements, including a large buy order from a fictitious Bangladeshi buyer, and that the company did not disclose a bank default. The final order restrains the company and three directors and imposes penalties totalling Rs 1 crore.", "date_published": "2026-07-30T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure", "fake-press-releases" ] }, { "id": "https://marketmanipulation.org/cases/sebi-103044-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-103044-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/jul-2026/order-in-the-matter-of-hexa-tradex-limited_103044.html", "title": "SEBI v. Hexa Tradex Limited and others (alleged misleading financials, dismissed, 2026)", "summary": "In July 2026 a SEBI quasi-judicial authority disposed of a 2024 show-cause notice alleging that Hexa Tradex Limited and fourteen promoter-group persons and companies shifted its investments in a subsidiary to private group companies without proper process, making its financials misleading. It held that the allegations fail on preliminary points and on merits, with no directions or penalty.", "date_published": "2026-07-24T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-102163-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-102163-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/jun-2026/adjudication-order-in-the-matter-of-prime-focus-limited-_102163.html", "title": "SEBI v. Prime Focus Limited and others (alleged misleading financial statements, dismissed, 2026)", "summary": "In June 2026 a SEBI adjudicating officer found that allegations against Prime Focus Limited and eight of its directors and officers of publishing misleading financial statements for 2019-20 to 2021-22 were not established. The order disposed of the proceedings without any penalty.", "date_published": "2026-06-16T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-1780045331-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-1780045331-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/sebi_data/attachdocs/may-2026/ORDER_1780045331.pdf", "title": "SEBI v. Suzlon Energy Limited and others (misstated financial statements, 2026)", "summary": "A SEBI whole-time member reviewed an adjudicating officer's June 2025 decision that had cleared Suzlon Energy and four officials, set it aside, and held that the company's financial statements and disclosures had been misleading. The May 2026 order imposed penalties totalling Rs 28.95 crore.", "date_published": "2026-05-29T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-100939-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-100939-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/apr-2026/adjudication-order-in-the-matter-of-lypsa-gems-and-jewellery-limited_100939.html", "title": "SEBI v. Lypsa Gems & Jewellery Limited and others (misstated financial statements, 2026)", "summary": "A SEBI adjudicating officer found in April 2026 that Lypsa Gems & Jewellery published annual financial statements that omitted cash flow statements and consolidated accounts and otherwise misrepresented its position, in breach of the PFUTP and listing rules. The company and four directors were penalised a combined Rs 18 lakh, some jointly.", "date_published": "2026-04-16T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-100126-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-100126-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/mar-2026/settlement-order-in-the-matter-of-zuari-agro-chemicals-limited-_100126.html", "title": "SEBI v. Zuari Agro Chemicals Limited and others (settlement, misstated accounts, 2026)", "summary": "In March 2026 SEBI's adjudicating officer settled a pending case against Zuari Agro Chemicals and four officers, who had been accused of misstating the company's 2019-20 accounts and skipping approvals for a related-party deal. The five paid Rs 2.92 crore in total and three accepted short voluntary market bans, neither admitting nor denying the allegations.", "date_published": "2026-03-05T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-100055-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-100055-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/feb-2026/order-in-the-matter-of-mediaone-global-entertainment-ltd-_100055.html", "title": "SEBI v. Mediaone Global Entertainment Ltd. and others (diverted funds and false accounts, 2026)", "summary": "A SEBI chief general manager found that Mediaone Global Entertainment, a Chennai media company, diverted Rs 99.48 crore and falsified its books, with its managing director and other officers held responsible. The order restrains five noticees from the securities market for two to three years and imposes monetary penalties on all seven.", "date_published": "2026-02-27T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/sebi-100057-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-100057-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/feb-2026/order-in-the-matter-of-arcotech-ltd-_100057.html", "title": "SEBI v. Arcotech Limited and others (preferential allotment funded by company money, 2026)", "summary": "A SEBI order of February 2026 found that Arcotech Limited's money was used to fund a preferential share allotment to Sidhant Distributors, a promoter-group entity, and that the company failed to disclose an important event on time. It directs repayment of about Rs 9.38 crore, short market restraints on seven noticees and penalties totalling Rs 52 lakh.", "date_published": "2026-02-27T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-99823-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-99823-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/feb-2026/adjudication-order-in-the-matter-of-investigation-in-the-financial-statements-of-oriental-trimex-limited_99823.html", "title": "SEBI v. Oriental Trimex Limited and others (fictitious sales in financial statements, 2026)", "summary": "In February 2026 a SEBI adjudicating officer found that Oriental Trimex booked fictitious purchases and sales with 22 entities over three years to inflate its financial statements, with two marble companies and their director helping. Penalties run from Rs 5 lakh to Rs 50 lakh, but the order's table leaves one noticee's amount unclear.", "date_published": "2026-02-18T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-99538-misleading-issuer-disclosure-2026/", "url": "https://marketmanipulation.org/cases/sebi-99538-misleading-issuer-disclosure-2026/", "external_url": "https://www.sebi.gov.in/enforcement/orders/feb-2026/order-in-the-matter-of-setco-automotive-limited_99538.html", "title": "SEBI v. Setco Automotive Limited and others (diversion of funds and concealed commission, 2026)", "summary": "In February 2026 SEBI found that the promoters of Setco Automotive had steered a Rs 107.76 crore marketing commission to their own company out of fundraising for the clutch business, without telling shareholders in the meeting notice. It restrained four noticees, imposed Rs 28 lakh in penalties and ordered the promoters to repay large sums to the two group companies.", "date_published": "2026-02-05T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-98058-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-98058-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/nov-2025/order-in-respect-of-droneacharya-aerial-innovations-limited_98058.html", "title": "SEBI v. DroneAcharya Aerial Innovations Limited and others (misleading announcements and IPO fund misuse, 2025)", "summary": "In November 2025 SEBI found that a drone-training company listed on the BSE SME platform and its promoters made misleading announcements, overstated revenue and profit, and diverted IPO proceeds. It restrained six noticees from the market for one or two years and imposed penalties totalling Rs 75 lakh.", "date_published": "2025-11-28T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/amf-fr-tra-2025-11-13-ama-corporation-plc-false-information-2025/", "url": "https://marketmanipulation.org/cases/amf-fr-tra-2025-11-13-ama-corporation-plc-false-information-2025/", "external_url": "https://www.amf-france.org/fr/sanctions-transactions/transactions/transactions-homologuees/accord-de-composition-administrative-conclu-le-13-novembre-2025-avec-la-societe-ama-corporation-plc", "title": "AMF France v. AMA Corporation PLC (false or misleading information, 2025)", "summary": "In November 2025 the AMF agreed a settlement with AMA Corporation PLC over a 30 July 2021 press release allegedly painting a one-sided picture of its half-year, and a late disclosure of a missed revenue target; it agreed to pay EUR 300,000.", "date_published": "2025-11-13T00:00:00.000Z", "tags": [ "AMF-FR", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/amf-fr-tra-2025-11-13-christian-guillemot-false-information-2025/", "url": "https://marketmanipulation.org/cases/amf-fr-tra-2025-11-13-christian-guillemot-false-information-2025/", "external_url": "https://www.amf-france.org/fr/sanctions-transactions/transactions/transactions-homologuees/accord-de-composition-administrative-conclu-le-13-novembre-2025-avec-m-christian-guillemot", "title": "AMF France v. Christian Guillemot (false or misleading information, 2025)", "summary": "In November 2025 the AMF agreed a settlement with Christian Guillemot, former chief executive of AMA Corporation, over the same 30 July 2021 press release and late disclosure alleged against the company; he agreed to pay EUR 350,000.", "date_published": "2025-11-13T00:00:00.000Z", "tags": [ "AMF-FR", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-96923-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-96923-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/sep-2025/adjudication-order-in-the-matter-of-starlog-enterprises-limited_96923.html", "title": "SEBI v. Starlog Enterprises Limited and Saket Agarwal (delayed impairment and misstated losses, 2025)", "summary": "A SEBI adjudicating officer found that Starlog Enterprises delayed writing down a Rs 74.69 crore joint-venture investment, so its 2018-19 accounts understated the loss, and that it breached several listing and record-keeping rules. The company and its managing director were penalised Rs 10 lakh in total.", "date_published": "2025-09-29T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-96925-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-96925-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/sep-2025/11b-order-in-the-matter-of-m-s-man-industries-india-limited_96925.html", "title": "SEBI v. Man Industries (India) Limited and others (misstated consolidated accounts and disguised loans, 2025)", "summary": "A SEBI chief general manager found that Man Industries left a loss-making wholly owned subsidiary out of its consolidated accounts, relabelled loans to it as capital advances and used year-end circular fund flows to dress up its balance sheet for six years. The company, its chairman, an executive director and its chief financial officer each received a two-year market ban and Rs 25 lakh in penalties.", "date_published": "2025-09-29T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-632171a7-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-632171a7-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/sebi_data/attachdocs/sep-2025/final_order_sssl.pdf", "title": "SEBI v. Seacoast Shipping Services Ltd and others (false financial statements and fund diversion, 2025)", "summary": "A SEBI whole-time member found that Seacoast Shipping Services, a BSE-listed company, published misstated financial statements for FY 2020-21 to December 2023 while its promoters sold their stake. He ordered Manish Shah to disgorge about Rs 47.9 crore, imposed penalties of Rs 1.97 crore across 15 noticees and restrained the main noticees for five years.", "date_published": "2025-09-24T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-96768-market-abuse-2025/", "url": "https://marketmanipulation.org/cases/sebi-96768-market-abuse-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/sep-2025/adjudication-order-in-respect-of-8-entities-in-the-matter-of-trading-activities-of-certain-entities-in-the-scrip-of-max-heights-infrastructure-ltd-_96768.html", "title": "SEBI v. Shubham Mittal and others (Max Heights Infrastructure share-split proposal, 2025)", "summary": "In September 2025 a SEBI adjudicating officer found that an independent director of Max Heights Infrastructure Limited and connected entities floated a misleading share-split proposal in late 2022 to lift the share price, which the connected entities then sold into. Seven noticees were penalised Rs 10 lakh, jointly and severally, and one entity was let off.", "date_published": "2025-09-22T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/sebi-40d284c9-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-40d284c9-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/sebi_data/attachdocs/sep-2025/order_matter_adicorp.pdf", "title": "SEBI v. Adani Ports and SEZ Ltd and others (Adicorp loan routing, 2025)", "summary": "A SEBI whole-time member examined a January 2023 short-seller report claiming Adani Group money was routed through Adicorp Enterprises to Adani Power without being disclosed as related-party dealing. In September 2025 the order held that the loans were not related-party transactions as the rules then stood, found no fraud, and closed the case without any directions.", "date_published": "2025-09-18T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-e6095ed7-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-e6095ed7-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/sebi_data/attachdocs/sep-2025/order_matter_milestone_rehvar.pdf", "title": "SEBI v. Adani Ports and Special Economic Zone Limited and others (alleged concealed related-party loans, Milestone and Rehvar, 2025)", "summary": "In September 2025 SEBI found that loan dealings between three listed Adani companies and two lenders, raised by a short-seller report, were not related party transactions under the rules then in force and were not fraudulent. It disposed of the proceedings against all eight noticees without any direction.", "date_published": "2025-09-18T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-96418-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-96418-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/sep-2025/adjudication-order-in-the-matter-of-rajasthan-tube-manufacturing-company-limited_96418.html", "title": "SEBI v. Rajasthan Tube Manufacturing Company Limited and others (circular sales and misstated accounts, 2025)", "summary": "A SEBI adjudicating officer found that Rajasthan Tube Manufacturing and its promoters inflated sales and costs through circular trades with connected firms and moved about Rs 2.5 crore to promoters and relatives through a dummy conduit. The order imposed modest penalties, from Rs 1 lakh to Rs 10 lakh per noticee, on eleven noticees including independent directors.", "date_published": "2025-09-04T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-96363-misleading-issuer-disclosure-2025/", "url": "https://marketmanipulation.org/cases/sebi-96363-misleading-issuer-disclosure-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2025/order-in-the-matter-of-golden-tobacco-limited_96363.html", "title": "SEBI v. Sanjay Dalmia, Anurag Dalmia and Ashok Kumar Joshi (Golden Tobacco advances and misstated accounts, 2025)", "summary": "A SEBI quasi-judicial authority found that two directors of Golden Tobacco and its finance director let advances to a subsidiary be passed on to promoter entities while the accounts carried them as recoverable assets for twelve years. It imposed market bans of 12 to 24 months and penalties of Rs 60 lakh in total.", "date_published": "2025-08-29T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] }, { "id": "https://marketmanipulation.org/cases/sebi-96193-market-abuse-2025/", "url": "https://marketmanipulation.org/cases/sebi-96193-market-abuse-2025/", "external_url": "https://www.sebi.gov.in/enforcement/orders/aug-2025/adjudication-order-in-respect-of-omprakash-a-khandelwal-in-the-matter-of-aadhaar-ventures-india-limited_96193.html", "title": "SEBI v. Omprakash A. Khandelwal (Aadhaar Ventures preferential allotment, 2025)", "summary": "In August 2025 a SEBI adjudicating officer disposed of proceedings against Omprakash Khandelwal, managing director of Aadhaar Ventures India Limited, over a March 2013 preferential allotment alleged to have been made without payment. The officer gave him the benefit of doubt and found no fraud established, imposing no penalty.", "date_published": "2025-08-21T00:00:00.000Z", "tags": [ "SEBI", "misleading-issuer-disclosure" ] } ] }