SEBI Bans Rana Sugars Promoters for Fund Diversion, Imposes Rs 63 Crore Fine

SEBI has debarred 14 entities, including promoters of Rana Sugars, from the securities markets for two years and fined them Rs 63 crore. The penalties were imposed for diversion of funds and violation of PFUTP regulations. Promoters are also barred from holding director positions in any listed company for two years.

Markets regulator SEBI has issued a two-year ban on 14 entities, including the promoters of Rana Sugars, from participating in securities markets and imposed a Rs 63-crore fine for fund diversion.

The decision prohibits Inder Pratap Singh Rana, Ranjit Singh Rana, Veer Pratap Singh Rana, and others from holding any director or key managerial positions in other listed companies for two years.

SEBI's investigation revealed that Rana Sugars Ltd violated PFUTP regulations, failing to disclose key related parties and manipulating financial statements. The regulator directed the company to recover funds and comply with securities laws.

(With inputs from agencies.)