SEBI order finds Tarapur Transformers Ltd (TTL) diverted ₹22.48 crore via interest-free loans to non-existent promoter group entities.
TTL recorded fictitious sales transactions of ₹8.98 crore with related parties to inflate revenue and misrepresent financial statements.
The order debars TTL and 8 other entities from securities market for 3 years and imposes monetary penalties on key individuals.
Rajendra Kumar Choudhary identified as mastermind, debarred for 5 years and penalized ₹10 lakh for multiple violations.