Mumbai: Technology company Zenith Infotech and its directors Rajkumar Saraf and Akash Saraf have reached a settlement with the Securities and Exchange Board of India (SEBI) by paying a consent fee of ₹3.56 crore.
The decision follows a special court order in Mumbai allowing the firm to resolve the matter under SEBI’s consent mechanism.
Zenith Infotech Settlement Approved by Mumbai Court
A special bench of the Greater Mumbai Sessions Court on Thursday permitted Zenith Infotech and its promoters to compound the alleged offences related to asset stripping by paying a total consent fee of ₹3,56,50,000.
The court confirmed that the payment was made on September 9, 2025, thereby bringing the long-standing case to an official close.
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The High Powered Advisory Committee (HPAC) had earlier recommended that the case be settled through SEBI’s consent framework. Following SEBI’s investigation, no evidence of personal or illegal gains, insider trading, or siphoning of funds was found, prompting the consent resolution.
Background of SEBI’s Action Against Zenith Infotech
The regulatory action against Zenith Infotech dates back to March 2013, when SEBI issued an interim order citing alleged lapses in disclosure practices by the company and its directors.
In March 2018, SEBI’s whole-time member reviewed the case and concluded that there was no proof of asset stripping or diversion of company funds.
However, certain breaches related to timely disclosures to the stock exchanges were observed, which led to the continuation of the proceedings until the present settlement.
With this consent payment, Zenith Infotech and its promoters have now concluded the matter with SEBI, ending a long-standing compliance issue.
