In its order on Wednesday, the regulator found that Lexus Granito India Ltd (LGIL) had unilaterally written back substantial amounts of its liabilities and treated them as other income, which resulted in overstatement of profits by Rs 2.31 crore in 2017-18, and an understatement of losses by Rs 5.89 crore in 2018-19 and Rs 3.15 crore in 2019-20.
