Cerebra Integrated Technologies Limited has received an order stating a stay of recovery of the penalty amount, subject to a deposit of 50% of the amount.
The appeal was filed before the Securities Appellate Tribunal (SAT), Mumbai, against the order passed under Section 11(1), 11(4), 11(4A), 11B(1) and 11B(2) of the SEBI Act, 1992 by the Securities Exchange Board of India (SEBI) imposing a penalty of ₹20 lacs under Sections 15A(a), 15HA & 15HB of the Act for misstatements in the financial statements of the Company.
The security market regulator also restrained the recycling company from accessing the securities market and further prohibited it from buying, selling, or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, for 5 years.
Venkatraman Ranganathan, Managing Director, and Vishwamurthy Phalanetra, Wholetime Director and CFO of the Company, filed an appeal before the SAT against the order passed by the Adjudicating Officer (Chief General Manager) on March 19, 2025.
