I have attached herewith Adjudication Order of SEBI .
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SEBI's Adjudicating Officer passed an order on September 4, 2025, imposing a total monetary penalty of ₹7 lakh on Rajasthan Tube Manufacturing Company and several directors/related entities. The investigation covered FY2017-2020 and found the company engaged in circular trading — selling goods worth ₹31.16 crore to connected entities (Rajendra Steel Company, Jain Impex, SS Trading) and buying them back for ₹32.08 crore, resulting in an artificial inflation of turnover in the books. Sales to connected entities made up 14% of total revenue during the period, with some quarters reaching 42%. Noticees include CMD Harish Chand Jain, CFO Pradeep Jain, Executive Director Rajshree Jain, and three independent directors. Violations were found under the SEBI Act, SCRA, PFUTP Regulations, and LODR Regulations. The investigation originated from a CGST Commissionerate tip-off about fake invoices and fraudulent input tax credit.
The ₹7 lakh penalty is small and not material to the company's finances, but the order confirms serious governance and disclosure lapses involving the promoter group and directors. This may dent investor confidence, raise corporate governance concerns, and could lead to follow-on actions by shareholders or other regulators.