SEBI final order upholds penalty against Rajendra Pathak over financial misrepresentation

This is a final order by SEBI regarding Rajendra Pathak, the former CFO of K-Lifestyle & Industries Limited (KLIL), concerning allegations of misrepresentation of financials and misuse of company funds. The order follows a remand by the Securities Appellate Tribunal (SAT) to re-decide the matter after the previous penalty was set aside for procedural violations.

Rajendra Pathak (Noticee), K-Lifestyle & Industries Limited (KLIL)

• SEBI found prima-facie evidence of misrepresentation of financials and misuse of funds/books of accounts of KLIL for the period April 2015 to December 2017.
• The previous final order dated December 21, 2021, imposed a penalty of INR 6 Lakh on Rajendra Pathak for violating Regulation 33(2)(a) of the SEBI (LODR) Regulations, 2015.
• The Securities Appellate Tribunal (SAT) set aside the 2021 order in July 2025, citing violation of natural justice, and remanded the matter to SEBI for a fresh hearing.
• SEBI directed the Noticee to file a reply on merits before considering his request for cross-examination of the forensic auditor.
• The Noticee submitted a reply on merits on March 04, 2026, denying the role of CFO and alleging misuse of his signature.

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