Sebi bans Excel Realty N Infra, 4 others for 2 yrs

01 Aug 2023 CW Team

Excel Realty N Infra and its promoters are among the five entities that Sebi has banned from the securities market for a period of up to two years and fined 17.5 million for participating in a fraudulent conspiracy to falsify the company's financial statements.

Promoters of the listed company Excel Realty N Infra (Excel) -- Lakhmendra Chamanlal Khurana (Chairman & MD of Excel), Ranjana Khurana Lakhmendra, and Arpit Khurana -- as well as Pramod Yeshwant Kokate, who served as Excel's chief financial officer -- are among the blacklisted organizations.

The markets watchdog, Sebi, investigated Excel Realty N Infra's business in-depth from April 2016 to March 2021 as a result of a complaint it received.

In its investigation, Sebi discovered that the transactions Excel carried out with 24 seller parties totaling approximately 1190 million, or around 66% of Excel's total assets from FY 2016–17 to 2020–21, were falsified in the company's balance sheet over the time period.

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