hkg solutions: Sebi issues Rs 92.47 lakh recovery notice to HKG Solutions, its directors

New Delhi: Capital markets regulator Sebi on Tuesday despatched a discover to seven entities asking them to pay Rs 92.47 lakh in a case pertaining to misrepresentation of financials of Hit Package World Options (HKGS). The discover got here after HKG Options and its administrators didn’t pay the nice imposed on them by the Securities and Alternate Board of India (Sebi).

Sebi has directed the entities to pay Rs 92.47 lakh, which incorporates curiosity and restoration price, inside 15 days.

Within the occasion of non-payment, the markets watchdog stated it can get well the quantity by attaching and promoting their moveable and immoveable properties. They will even face attachment of their financial institution accounts and arrest.

The regulator, via an order handed on February 28, levied a nice of Rs 42.01 lakh on HKGS, Rs 31.51 lakh on Kamal Agarwal, Rs 6.31 lakh on Rajesh Mavani and Rs 3.16 lakh every on Kiran Nagpal, Pavan Kale, Arvind Sharma and Amit Khandelwal.

It was alleged that HKGS and sure entities didn’t disclose data to the forensic auditor and misrepresented the financials of the agency for 2015-16, 2016-17 and 2017-18.