look news india
Stock Market Update: Capital markets regulator SEBI has imposed a total fine of Rs 2.46 crore on two companies and seven individuals, including promoters, for violation of regulatory norms. The regulator also banned Girish Talwalkar, Prashant Talwalkar, Madhukar Talwalkar, Vinayak Gawande, Anant Gawande, Harsh Bhatkal and Girish Nayak for different periods. The two companies are Talwalkars Better Value Fitness Limited (TBVFL) and Talwalkars Health Club Limited (THL). Girish Talwalkar, Prashant Talwalkar, Madhukar Talwalkar, Vinayak Gawande, Anant Gawande, Harsh Bhatkal are the promoters.
The penalty has been imposed as per two separate orders for violations related to disclosure norms and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). The regulator imposed a fine of Rs 36 lakh on Girish Talwalkar, Prashant Talwalkar, Anant Gawande and Harsh Bhatkal; TBVFL, Vinayak Gawande and Madhukar Talwalkar Rs 24 lakh each; A fine of Rs 18 lakh has been imposed on Girish Nayak and Rs 12 lakh on THL.
In the TBVFL case, the regulator banned Girish Talwalkar, Prashant Talwalkar, Madhukar Talwalkar, Vinayak Gawande, Anant Gawande, Harsh Bhatkal and Girish Nayak from the securities market for 18 months and barred them from dealing with any listed company or any SEBI regulator. Stopped doing it. Same period. -Prevented from connecting with the registered intermediary. Apart from this, SEBI has banned Girish Talwalkar, Prashant Talwalkar, Anant Gawande, Harsh Bhatkal and Girish Nayak from the market for a period of 18 months in the THL case and this ban will start after the expiry of the period of ban imposed on them. . , will be.
The order came after SEBI received several complaints against THL and TBVFL during August-October 2019. The complaints indicated default in payment of interest on term loans despite significant cash balances. As per the financial results ended March 2019, the total cash balance with both the companies (TBVFL and THL) was about ₹77 crore and the total default on interest payments as of July 2019 was only ₹3.5 crore (term loan), thereby maintaining the integrity of their books. But doubt arose.
The regulator took up the matter for detailed investigation after preliminary inquiry and appointed KPMG as forensic auditor to assist the investigating authority in conducting forensic examination of the accounts of both TBVFL and THL for four financial years (2016-17 to 2019). was appointed. Subsequently, SEBI started investigating the companies when it suspected that their financial position was being misrepresented to provide a healthy picture to investors.
