sebi:ORDER/VV/AS/2022-23/18677
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Facts / Headnote
Violations established; monetary penalty imposed under Section 15I of the SEBI Act read with Rule 5 of the Adjudication Rules
Provisions invoked
- s. 15
- s. 15H
- s. 55A
- s. 15I
- s. 73
- s. 15J
- s. 15F
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 73(3)
Regulations
- Reg. 9
- Reg. 107
- Reg. 111(1)
- Reg. 111(2)
Parties
- Jaywant Sugars Limited
Holding
The Noticee, Jaywant Sugars Limited, was found to have violated Sections 56(1), 56(3), 60, 67(3) and 73 of the Companies Act, 1956 and multiple clauses of the DIP Guidelines by making deemed public issues of NCRPS through multiple tranches each offered to 49 or fewer persons during FY 2006-07 to 2009-10 (and Sections 56, 60, 67(3), 73 during FY 2010-11 to 2012-13), and a monetary penalty was imposed under Section 15I of the SEBI Act read with Rule 5 of the Adjudication Rules.
Full text
Adjudication Proceedings in the matter of Jaywant Sugars Limited Page 2 of 28 holders. It also submitted that its and it’s Auditors offices are closed and it will provide the details sought by SEBI, once the lockdown is lifted.
Adjudication Proceedings in the matter of Jaywant Sugars Limited Page 3 of 28 2008-09 Issued in multiple tranches during the year (each issue to 49 or less number of investors) 1,291 3.31 2009-10 Issued in multiple tranches during the year (each issue to 49 or less number of investors) 3,873 6.04 2010-11 Issued in multiple tranches during the year (each issue to 49 or less number of investors) 658 1.09 2011-12 Issued in multiple tranches during the year (each issue to 49 or less number of investors) 1,325 2.24 2012-13 Issued in multiple tranches during the year (each issue to 49 or less number of investors) 191 0.33 Total 9,388 14.32
Adjudication Proceedings in the matter of Jaywant Sugars Limited Page 4 of 28 written as 3352. But actually the total number of shareholders are 3342. There was a mistake in the calculation of serial nos.’
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Source: SecMarx — sebi:ORDER/VV/AS/2022-23/18677. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.