Excel Realty N Infra Limited has informed the Exchange about Bagging/Receiving of orders/contracts
LANDSMILL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Securities Appellate Tribunal (SAT) has partly allowed the company's appeal against a SEBI order dated July 28, 2023, giving major relief to Landsmill Green (formerly Excel Realty N Infra) and its directors. SAT set aside the entire Section 15HA penalty (fraud-related charges) and quashed directions that would have barred the company and its CMD/promoters from the securities market for 6 months to 2 years. The remaining Section 15HB penalty (for non-disclosure of related party transactions) was sharply reduced — the company and three directors now pay Rs. 2 lakh each, CMD Lakhmendra Khurana pays Rs. 5 lakh (down from Rs. 90 lakh originally), and two past independent directors pay Rs. 1 lakh each. SAT also held there was no violation of accounting standard AS-109 and no fraud under PFUTP regulations, noting that nearly all loans and advances have since been recovered.
Strongly positive for shareholders — the market access ban is lifted, the original penalty of over Rs. 1.4 crore has been drastically cut, and the fraud/fund diversion charges have been quashed. This removes a major regulatory overhang on the stock and clears the way for normal market participation by the company and its promoters.