SAT dismisses Omaxe's appeal, labels fund movement between subsidiaries as 'unnatural'
The Securities Appellate Tribunal (SAT) has turned down a request from Omaxe to overturn a SEBI ruling. The regulator had previously barred the real estate firm's senior management from the securities market due to allegations of round-tripping money. According to the tribunal, Omaxe moved assets between its subsidiary companies—specifically Garv, Pancham, and Jeet Builders—in an 'unnatural' manner to artificially boost its financial statements. Records show that a total of ₹647.73 crore was shifted from Jeet Builders to Omaxe.
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