The Securities and Exchange Board of India imposed fines amounting to Rs 3.75 crore on Sanjay Dhingra, the former promoter and managing director of dairy firm Kwality, along with other entities, over allegations of misrepresenting the company's financials.
Kwality went into insolvency process in December 2018 and was acquired by Sarda Mines through the liquidation process in 2022.
The market regulator imposed a fine of Rs 1.5 crore each on Sanjay Dhingra and Sidhant Gupta, a former director and member of Kwality's audit committee.
Additionally, Satish Kumar Gupta, the chief financial officer, received a fine of Rs 75 lakh.
(With inputs from PTI)
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