SEBI Settles financial Misstatement Proceedings

SEBI has settled adjudication proceedings against Raghav Raj Kanoria, Managing Director of India Power Corporation, concerning alleged misstatements in the company’s financial statements for FY 2022-23 and FY 2023-24. 

The allegations related to non-recognition of expected credit losses of ₹199.70 crore on receivables and ₹37.53 crore on unsecured loans and accrued interest. The proceedings were settled for ₹24.70 lakh, without admission or denial of the findings.