Sebi closed adjudication proceedings against Prime Focus and its directors after concluding the company applied the correct accounting treatment in business transfers to indirect subsidiaries. Allegations of misleading financial statements, accounting irregularities and regulatory violations were not substantiated, providing relief to the company and nine noticees.
SEBI has halted adjudication proceedings against Prime Focus and its directors, confirming the company correctly applied accounting treatment in business transfers to indirect subsidiaries. Allegations of misleading financial statements, accounting irregularities, and regulatory…
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