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

Sebi has directed the entities to pay Rs 92.47 lakh, which includes interest and recovery cost, within 15 days.

The notice came after HKG Solutions and its directors failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
The notice came after HKG Solutions and its directors failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).

Capital markets regulator Sebi on Tuesday sent a notice to seven entities asking them to pay Rs 92.47 lakh in a case pertaining to misrepresentation of financials of Hit Kit Global Solutions (HKGS).

The notice came after HKG Solutions and its directors failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
Sebi has directed the entities to pay Rs 92.47 lakh, which includes interest and recovery cost, within 15 days.

In the event of non-payment, the markets watchdog said it will recover the amount by attaching and selling their moveable and immoveable properties. They will also face attachment of their bank accounts and arrest.

The regulator, through an order passed on February 28, levied a fine 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 each on Kiran Nagpal, Pavan Kale, Arvind Sharma and Amit Khandelwal.

It was alleged that HKGS and certain entities did not disclose information to the forensic auditor and misrepresented the financials of the firm for 2015-16, 2016-17 and 2017-18.

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