Securities and Exchange Board of India (SEBI) has imposed penalty of Rs 40 lakh on Dalmia Industrial Development (DIDL). The regulator found that DIDL has disclosed false transactions in its books of accounts. There was discrepancy in the figure relating to loans and advances; besides, there was discrepancy between trade receivable and revenue for 2015-16 to 2017-18.
In addition, the firm failed to represent a true and fair view of the state of affairs of the company and further, it made suspicious investments in companies having nil revenue and assets and had not disclosed the true nature of these investments in its financials. Apart from these, the company failed to furnish information sought by the forensic auditor.
Dalmia Industrial Development is engaged in the business of buying and selling of Designer Indian ethnic sarees and other allied accessories.
