SEBI bars ZEEL and top executives from markets over Hyderabad property pledge
ZEEL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
SEBI ordered ZEEL barred from securities market for 2 months with Rs 30 lakh penalty over unauthorized pledge of its Hyderabad land for promoter-group loans. Former MD Punit Goenka and Chairman Subhash Chandra face 12-month market bans and Rs 58 lakh and Rs 60 lakh penalties respectively. Allegations include fraudulent pledging, non-disclosure of related party transactions, incorrect CEO certifications and false statements during investigation. The property was pledged without board or audit committee approval.
Negative sentiment. Promoters barred 12 months from markets. ZEEL faces 2-month ban and Rs 30 lakh fine. Company evaluating appeal.