Order in the matter of Bajaj Hindusthan Sugar Limited
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What is this order about?
SEBI issued an order examining Bajaj Hindusthan Sugar Limited (BHSL) and its directors Shishir Bajaj and Kushagra Bajaj for alleged diversion of funds and non-disclosure of related party transactions between 2010-2022.
Who it concerns
Bajaj Hindusthan Sugar Limited, Shishir Bajaj, Kushagra Bajaj
What was found or directed
- Diversion of funds worth ₹318.50 crore from BHSL to related parties through OIPL between Dec 2013-Aug 2014
- Diversion of ₹870.60 crore through BPGPL from Nov 2011-Oct 2014
- Forensic audit by Deloitte (2017) found no diversion/misappropriation
- Forensic audit by Mazars (2022) found no diversion/fraudulent transactions
- SEBI issued Show Cause Notice on Oct 16, 2023
- Noticees withdrew settlement applications on Feb 25, 2026
Points worth noting
- The forensic audits by Deloitte (2017) and Mazars (2022) concluded no diversion occurred
- Transactions were disclosed in annual reports during relevant financial years
- SEBI received complaints in 2020 but issued SCN in 2023 after 9 years of delay
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
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Order
2026-05-13
ORDER_1778665427.pdf
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