India's SEBI bars EKI Energy Services MD for 12 months over misstated accounts
India's markets regulator penalised EKI Energy Services and its executives over inflated revenue and expenses. The managing director is barred for 12 months.
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what happened
India's markets regulator SEBI has barred EKI Energy Services Ltd from the securities market for two months and its Managing Director Manish Kumar Dabkara for 12 months. According to Moody's, the regulator's 94-page final order found that EKI prematurely recognised revenue of Rs 197.04 crore in the first three quarters of FY23 and overstated expenses by Rs 26.34 crore in FY22 and FY23, which understated its profits.
Former CFO Mohit Kumar Agarwal is restrained from the market for eight months, while whole-time directors Naveen Sharma and Sonali Sheikh face bans of five months and one month. Penalties totalling Rs 88 lakh were imposed on the company and several individuals, including independent directors. Dabkara has also been directed to recover the funds diverted from the company.
why it matters
The ruling matters as a signal of tougher oversight of financial reporting at small listed firms in India, especially those dealing in carbon credits. For EKI shares, the main concern is investor confidence in its disclosures and the quality of its management.
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- SEBI bars EKI Energy Services MD Manish Dabkara for 12 months over financial misrepresentation — Moody's, 31 October 2026 at 17:10 UTC
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