SAM Represents Prime Focus Limited, Its Directors and CFO In SEBI Proceedings

Shardul Amarchand Mangaldas & Co. successfully represented Prime Focus Limited, along with its directors and Chief Financial Officer, in adjudication proceedings before the Securities and Exchange Board of India (SEBI).

The case concerned alleged violations of the SEBI Act, 1992, the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, and/or the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

By an order dated June 16, 2026, the Adjudicating Officer of SEBI exonerated all Noticees from the allegations levelled against them and disposed of the proceedings without imposing any penalty.

The proceedings concerned the Company's accounting treatment of certain intra-group business transfers. The show-cause notice alleged that the accounting treatment was incorrect and deliberately designed to overstate its profits and net worth, resulting in a misrepresentation of its financial statements. Upon consideration of the detailed submissions made before the Adjudicating Officer, the proceedings were concluded in favour of the Noticees.

The matter was led by Manjari Tyagi, Partner, along with Deepika Goyal, Principal Associate, and Kashvi Vachhani and Roop Singh, Associates.