Sebi bans Excel Realty N Infra, 4 others from securities market for up to 2 years

economictimes.indiatimes.com:

Sebi has barred five entities, including Excel Realty N Infra and its promoters, from the securities market for up to two years and levied a fine totalling Rs 1.75 crore on them for being involved in a fraudulent scheme of misrepresenting the company's financial statements. The barred entities are promoters of listed entity Excel Realty N Infra (Excel) — Lakhmendra Chamanlal Khurana (Chairman & MD of Excel), Ranjana Khurana Lakhmendra and Arpit Lakhmendra Khurana — and Pramod Yeshwant Kokate who was chief financial officer of Excel.

On the basis of a complaint received by Sebi, the markets watchdog conducted a detailed examination into the affairs of Excel Realty N Infra for the period from April 2016 to March 2021. In its examination, Sebi found that the transactions executed by Excel with 24 seller parties amounting to around Rs 119 crore constituting approximately 66 per cent of the total assets of Excel from FY 2016-17 to 2020-21, were misrepresented in the balance sheet of the firm for the said period.

The regulator observed that Lakhmendra Chamanlal Khurana was the Chairman and Managing Director of Excel during the period FY 2016-17 to 2020-21 and both management and financial decisions were taken by him on behalf of Excel. Ranjana and Arpit were the whole-time directors of Excel for the same period.

Being part of the board of directors, they have approved the financial statements of the company and all the violations took place at the time when Khuranas were at the helm of affairs at Excel, Sebi said in the final order passed on Friday. Also, Sebi found that Kokate was the CFO of Excel during the entire examination period and the certificates issued by him certifying that the financial statements of the company do