Latest news with #LSIndustries
Mint
2 days ago
- Business
- Mint
Sebi announces market ban on LS Industries and others over alleged stock manipulation, fraud; probe extended till Nov 15
India's market regulator, the Securities and Exchange Board of India (Sebi) on Friday confirmed the suspension of LS Industries, its promoter, and four other individuals from participating in the securities markets until the results of an investigation into allegations of fraudulent practices and stock price manipulation. The promoter of LS Industries Profound Finance, Jahangir Panikkaveettil Perumbarambathu, and Suresh Goyal, Alka Sahni, and Shashi Kant Sahni HUF, a Dubai-based NRI public shareholder of LS Industries, have also been prohibited from the markets. The timeline to complete the probe regarding this matter has been extended to November 15, and these entities are directed to cooperate for the same, Sebi said. In February 2025, the market regulator passed an interim order barring LS Industries, Profound Finance and four others from the securities markets over allegations of fraudulent activities and stock price manipulation. Sebi had also instructed Perumbarambathu to impound unlawful gains of ₹ 1.14 crore from the sale of shares as part of the fraudulent scheme. The matter concerns LS Industries and its key associates, who were involved in artificially inflating the company's share price despite negligible revenue and financial instability. Sebi, in its interim order, noted that LS Industries reported negligible revenue in the last three financial years (FY22-FY24) and the first three quarters of FY25, indicating that the company had not conducted any business during this period. The share price of LSIL rose more than 10 times from ₹ 22.50 to a high of ₹ 267.50 between July 23, 2024 and September 27, 2024, with the company reaching a peak market capitalisation of about ₹ 22,700 crore despite poor financial performance. The sudden price movement in the shares without any substantial changes in fundamentals, the transfer of shares to Perumbarambathu, and the suspicious trading patterns have come under scrutiny. 'In view of the sudden price movement in the scrip without any meaningful change in fundamentals, the dubious transfer of shares to JPP and the suspicious trading patterns of certain entities, it prima facie appeared that the Noticees were part of a manipulative scheme designed to defraud investors,' Sebi said.
Time of India
3 days ago
- Business
- Time of India
Sebi Market Ban: Sebi Extends Ban on LS Industries Amid Fraud Allegations, ET LegalWorld
Sebi on Friday said LS Industries, its promoter, and four others will remain barred from the securities markets till the outcome of a probe following allegations of fraudulent activities and stock price manipulation. Profound Finance (promoter of LS Industries), Jahangir Panikkaveettil Perumbarambathu, a Dubai-based NRI public shareholder of LS Industries, Suresh Goyal, Alka Sahni, Shashi Kant Sahni HUF have also been prohibited from the markets. "...hereby confirm the directions issued vide the interim order dated February 11, 2025," Sebi's whole-time member Ashwani Bhatia said in the confirmatory order. Advt Advt The markets watchdog also said the timeline to complete the investigation in this matter is extended to November 15 and the entities are directed to cooperate with Sebi's probe in the right February this year, Sebi had passed an interim order and restrained LS Industries, Profound Finance and four others from the securities markets following allegations of fraudulent activities and stock price had also directed Perumbarambathu to impound unlawful gains of Rs 1.14 crore from the sale of shares as part of a prima facie fraudulent matter pertains to LS Industries and its key associates were involved in artificially inflating the company's share price despite negligible revenue and financial the interim order, Sebi noted that LS Industries reported negligible revenue in the last three financial years (FY22-FY24) and first three quarters of FY25, which indicated that the company was not doing any business during this poor financials, the share price of LSIL rose by over 10 times from Rs 22.50 to a high of Rs 267.50 between July 23, 2024 and September 27, 2024, with the company reaching a peak market capitalisation of about Rs 22,700 sudden price movement in the scrip without any meaningful change in fundamentals, the dubious transfer of shares to Perumbarambathu, and the suspicious trading patterns of certain entities came under the prima facie appeared that the entities were part of a manipulative scheme designed to defraud investors and allegedly violated the provisions of PFUTP ( Prohibition of Fraudulent and Unfair Trade Practices ) rules. Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App
Economic Times
3 days ago
- Business
- Economic Times
Sebi confirms market ban on LS Industries, promoter, 4 others
Sebi on Friday said LS Industries, its promoter, and four others will remain barred from the securities markets till the outcome of a probe following allegations of fraudulent activities and stock price manipulation. ADVERTISEMENT Profound Finance (promoter of LS Industries), Jahangir Panikkaveettil Perumbarambathu, a Dubai-based NRI public shareholder of LS Industries, Suresh Goyal, Alka Sahni, Shashi Kant Sahni HUF have also been prohibited from the markets. "...hereby confirm the directions issued vide the interim order dated February 11, 2025," Sebi's whole-time member Ashwani Bhatia said in the confirmatory order. The markets watchdog also said the timeline to complete the investigation in this matter is extended to November 15 and the entities are directed to cooperate with Sebi's probe in the right earnest. In February this year, Sebi had passed an interim order and restrained LS Industries, Profound Finance and four others from the securities markets following allegations of fraudulent activities and stock price manipulation. Sebi had also directed Perumbarambathu to impound unlawful gains of Rs 1.14 crore from the sale of shares as part of a prima facie fraudulent scheme. ADVERTISEMENT The matter pertains to LS Industries and its key associates were involved in artificially inflating the company's share price despite negligible revenue and financial instability. In the interim order, Sebi noted that LS Industries reported negligible revenue in the last three financial years (FY22-FY24) and first three quarters of FY25, which indicated that the company was not doing any business during this period. ADVERTISEMENT Despite poor financials, the share price of LSIL rose by over 10 times from Rs 22.50 to a high of Rs 267.50 between July 23, 2024 and September 27, 2024, with the company reaching a peak market capitalisation of about Rs 22,700 crore. The sudden price movement in the scrip without any meaningful change in fundamentals, the dubious transfer of shares to Perumbarambathu, and the suspicious trading patterns of certain entities came under the scanner. It prima facie appeared that the entities were part of a manipulative scheme designed to defraud investors and allegedly violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. PTI (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
3 days ago
- Business
- Time of India
Sebi confirms market ban on LS Industries, promoter, 4 others
Sebi on Friday said LS Industries , its promoter, and four others will remain barred from the securities markets till the outcome of a probe following allegations of fraudulent activities and stock price manipulation . Profound Finance (promoter of LS Industries), Jahangir Panikkaveettil Perumbarambathu, a Dubai-based NRI public shareholder of LS Industries, Suresh Goyal, Alka Sahni, Shashi Kant Sahni HUF have also been prohibited from the markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Invest today with in Shriram's ULIP Shriram Life Insurance Undo "...hereby confirm the directions issued vide the interim order dated February 11, 2025," Sebi's whole-time member Ashwani Bhatia said in the confirmatory order. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. The markets watchdog also said the timeline to complete the investigation in this matter is extended to November 15 and the entities are directed to cooperate with Sebi's probe in the right earnest. In February this year, Sebi had passed an interim order and restrained LS Industries, Profound Finance and four others from the securities markets following allegations of fraudulent activities and stock price manipulation. Live Events Sebi had also directed Perumbarambathu to impound unlawful gains of Rs 1.14 crore from the sale of shares as part of a prima facie fraudulent scheme. The matter pertains to LS Industries and its key associates were involved in artificially inflating the company's share price despite negligible revenue and financial instability. In the interim order, Sebi noted that LS Industries reported negligible revenue in the last three financial years (FY22-FY24) and first three quarters of FY25, which indicated that the company was not doing any business during this period. Despite poor financials, the share price of LSIL rose by over 10 times from Rs 22.50 to a high of Rs 267.50 between July 23, 2024 and September 27, 2024, with the company reaching a peak market capitalisation of about Rs 22,700 crore. The sudden price movement in the scrip without any meaningful change in fundamentals, the dubious transfer of shares to Perumbarambathu, and the suspicious trading patterns of certain entities came under the scanner. It prima facie appeared that the entities were part of a manipulative scheme designed to defraud investors and allegedly violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. PTI
Business Standard
3 days ago
- Business
- Business Standard
LS Industries reports standalone net loss of Rs 0.85 crore in the March 2025 quarter
Sales rise 154.55% to Rs 0.28 crore Net Loss of LS Industries reported to Rs 0.85 crore in the quarter ended March 2025 as against net loss of Rs 2.83 crore during the previous quarter ended March 2024. Sales rose 154.55% to Rs 0.28 crore in the quarter ended March 2025 as against Rs 0.11 crore during the previous quarter ended March 2024. For the full year,net loss reported to Rs 20.55 crore in the year ended March 2025 as against net loss of Rs 3.32 crore during the previous year ended March 2024. Sales declined 35.56% to Rs 0.29 crore in the year ended March 2025 as against Rs 0.45 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 0.280.11 155 0.290.45 -36 OPM % -1200.00-2154.55 - -9168.97-648.89 - PBDT -2.59-2.30 -13 -22.09-2.79 -692 PBT -2.59-2.56 -1 -22.29-3.05 -631 NP -0.85-2.83 70 -20.55-3.32 -519
