SecureKloud Technologies’ promoters get off lightly
SEBI’s strictures and fines against the Chennai-based company and its leadership may be a case of too little, too late.
19 January, 2023•7 min
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19 January, 2023•7 min
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Editor's note: In December, the Securities and Exchange Board of India issued an order againstChennai-based SecureKloud Technologies (previously known as 8K Miles Software Services) and some of its key management personnel. The market regulator found the company and three of its directors guilty of misrepresenting financials as well as siphoning funds. It imposed penalties adding up to Rs 10 crore and barred the company and three individuals—Suresh Venkatachari, R.S. Ramani and Gurumurthi Jayaraman—from accessing the securities market for a period ranging from one to three years. In the case of Venkatachari, the company’s CEO, the penalty was Rs 3 crore and the ban was for three years. It also said that the three cannot associate themselves with any SEBI-registered entity or act as directors of any listed public company that intends to raise money from the public for a period ranging from six months to a year. This is a big shift from five years ago, when 8K Miles was a stock market favourite and Venkatachari a regular on CNBC, India’s most watched business news channel. The company, which described itself as …
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