SEBI : Non-compliance with corporate governance not to be tolerated

Securities and Exchange Board of India: The interim order passed in accordance with Securities and Exchange Board of India Act, 1992, by Madhabi Puri Buch (Whole Time Member), directed the continuation of actions already taken against M/s Eskay K’n’it (India) Limited in regard to the previous orders and directed the shares held by promoters and directors in EKIL not to be allowed to be transferred for sale, giving thirty days limit to the company to file its reply.

The company has failed to submit the complete information sought from it violating Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Evidence has been produced regarding misrepresentation of financials, misuse of funds and books of accounts and submission of incomplete information to SEBI. Also, it has failed to provide the copy of contracts with customers, copy of lease agreement of plants and machinery with third parties and copy of contract with Asahi Industries Limited, leading to the suspicion about the genuineness of its transactions. [In the matter of M/s Eskay K’n’it (India) Limited, WTM/MPB/ISD/92/2017, decided on 21-11-2017]

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