I have attached herewith Adjudication Order of SEBI.
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SEBI's Adjudicating Officer has passed an order (dated 4 September 2025) against Rajasthan Tube Manufacturing Company Ltd and 10 associated individuals/entities, including promoter Harish Chand Jain, CFO Pradeep Jain, and several directors. The order imposes a total penalty of ₹7 lakh (Rupees Seven Lakh Only) under Sections 15HA and 15HB of the SEBI Act, 1992 and Section 23H of the SCRA, 1956. Investigations (covering FY2017 to FY2020) found that the company engaged in circular, fictitious sale-and-buy-back transactions with related parties (Rajendra Steel Company, Jain Impex, SS Trading Co.), inflating turnover by routing nearly identical quantities of goods back to itself. These connected-entity sales accounted for 11–16% of total revenue in some years, and the company also failed to maintain supporting documents such as invoices, purchase orders, and transport receipts. The violations cover the SEBI Act, SCRA, PFUTP Regulations, and Listing Obligations (LODR) Regulations.
The ₹7 lakh penalty is small and the company states it is not material to its financials or operations. However, the order confirms serious governance and disclosure failures, including fraudulent trade practices and misrepresented financials, which may weigh on investor confidence and the stock's credibility.