Order in the matter of Setco Automotive Limited
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What is this order about?
SEBI issued an order examining alleged violations by Setco Automotive Limited and related entities regarding financial disclosures and potential fraudulent practices in the securities market.
Who it concerns
Setco Automotive Limited, Setco Auto Systems Pvt. Ltd., Harish Sheth, Udit Harish Sheth, Arun Arora, Ashok Kumar Jha, Suhasini Somesh Sathe, Rovinder Kumar Singla, Urja Harshal Shah, Jatinder Bir Singh Gujral
What was found or directed
- SEBI found that funds were diverted from Setco Automotive Limited to promoter entities through a marketing commission scheme
- Noticee No.1 and 2 raised Rs. 615 crores from IRF
- Rs. 107.76 crores was paid as marketing commission by Noticee No.2 to SEPL (promoter company) in 2021-22
- Total marketing commission of Rs. 16.70 crore was paid by Noticee No.2 to SEPL during FY 2019-20 to 2021-22
- Marketing agreements between SAL and SEPL (2017-2022) and between SASPL and SEPL (2021) were cited as part of the alleged scheme
| 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
2026-02-05
ORDER_1770284331.pdf
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