SEBI Bans Omaxe, Executives from Securities Market for 2 Years

02 Aug 2024 CW Team

In its order, SEBI stated that Omaxe and its executives were found guilty of inflating revenue figures, thereby misleading investors and stakeholders about the company's financial health. The investigation revealed that the company had engaged in fraudulent practices to show a healthier balance sheet and profit margins.

SEBI's probe uncovered that Omaxe had not only overstated its revenues but also concealed critical information from investors, which led to a misrepresentation of the company's true financial position. This action is a part of SEBI's ongoing efforts to ensure transparency and accountability in the securities market and to protect investor interests.

The regulator has directed Omaxe and the barred individuals to cease all activities related to the securities market for the duration of the ban. Additionally, SEBI has ordered the disgorgement of wrongful gains, if any, and imposed monetary penalties on the concerned parties.

Rohtas Goel and Mohit Goel have been held primarily responsible for the discrepancies and have been instructed to cooperate fully with SEBI in further investigations. SEBI has also cautioned investors to exercise due diligence while dealing with the company's securities in the future.

This ruling by SEBI underscores the regulatory body's commitment to maintaining the integrity of the securities market and ensuring that companies adhere to fair practices. The ban on Omaxe and its executives serves as a stern reminder to other entities about the importance of transparency and honesty in financial reporting.

Omaxe has not yet issued a statement regarding SEBI's order. The impact of this ban is expected to be significant, affecting the company's operations and its ability to raise funds from the capital market.

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on real estate developer Omaxe Limited, along with its Chairman Rohtas Goel, Managing Director Mohit Goel, and several others from participating in the securities market. The ban comes as a result of allegations of fraud and misrepresentation in the company?s financial statements. In its order, SEBI stated that Omaxe and its executives were found guilty of inflating revenue figures, thereby misleading investors and stakeholders about the company's financial health. The investigation revealed that the company had engaged in fraudulent practices to show a healthier balance sheet and profit margins. SEBI's probe uncovered that Omaxe had not only overstated its revenues but also concealed critical information from investors, which led to a misrepresentation of the company's true financial position. This action is a part of SEBI's ongoing efforts to ensure transparency and accountability in the securities market and to protect investor interests. The regulator has directed Omaxe and the barred individuals to cease all activities related to the securities market for the duration of the ban. Additionally, SEBI has ordered the disgorgement of wrongful gains, if any, and imposed monetary penalties on the concerned parties. Rohtas Goel and Mohit Goel have been held primarily responsible for the discrepancies and have been instructed to cooperate fully with SEBI in further investigations. SEBI has also cautioned investors to exercise due diligence while dealing with the company's securities in the future. This ruling by SEBI underscores the regulatory body's commitment to maintaining the integrity of the securities market and ensuring that companies adhere to fair practices. The ban on Omaxe and its executives serves as a stern reminder to other entities about the importance of transparency and honesty in financial reporting. Omaxe has not yet issued a statement regarding SEBI's order. The impact of this ban is expected to be significant, affecting the company's operations and its ability to raise funds from the capital market.

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Resources

16 Sep 2025

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Real Estate

16 Sep 2025

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..