Securities and Exchange Board of India (SEBI) has levied a penalty of Rs 8 lakh on three non-independent directors of ABG Shipyard for misleading the company's stakeholders by approving false and mis-stated financial results. The markets watchdog has levied a fine of Rs 3 lakh each on Arun Pathak and Syed Abdi and Rs 2 lakh on Dhananjay Datar.
ABG Shipyard is engaged in the business of carrying shipbuilding and ship repair business. The Company has emerged as the largest private sector shipbuilding yard in India with satisfied customer base all around the world.
