Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs11 lakh on Bilcare Ltd, the Company’s chairman and managing director (CMD) Mohan Bhandari and six other directors and key executives for violating financial reporting and adherence to accounting standards.
The National Financial Reporting Authority (NFRA) has debarred auditor Ratan Laxminarayan Rathi of RL Rathi & Co for two years and imposed a penalty of Rs 3 lakh for professional misconduct in the audit of Bilcare. The financial statements of Bilcare were misstated due to interest cost recognition. Sebi reported the lapses.