sebi:Order/GG/VV/2022-23/17225
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Facts / Headnote
Penalty imposed on the Noticee for violations of LODR Regulations, 2015
Provisions invoked
- s. 15
- s. 19
- s. 12
- s. 23E
Regulations
- Reg. 30
- Reg. 33
- Reg. 30(2)
- Reg. 30(10)
- Reg. 4(1)(d)
Parties
- Jinaam's Dress Limited
Holding
The Noticee, Jinaam's Dress Limited, was found in violation of Regulation 4(1)(d), Regulations 30(2), 30(6) and 30(10) of the SEBI (LODR) Regulations, 2015 for failing to disclose the resignation of its Ex-CEO, the initiation and withdrawal of CIRP proceedings, and for failing to respond to queries raised by BSE. A penalty of Rs. 5,00,000/- was imposed under Section 23E of the SCRA Act, 1956.
Full text
Adjudication Order in respect of Jinaam’s Dress Limited Page 2 of 19 resignation letter had been duly acknowledged and accepted enclosing his resignation letter dated April 30, 2020. Mr. Dharmendra had further stated that he has never been paid post resignation nor was he involved in the company’s business in any manner. The complainant alleged that JDL has not filed DIR-12 for his resignation and removal of his name from required places. He stated that he was shocked to see his name still appearing under the signatory detail on MCA website and that it is misleading to all the stakeholders. Further he stated that it was also hindering his further prospects of joining another company and requested that his name be removed immediately from the MCA website.
Adjudication Order in respect of Jinaam’s Dress Limited Page 3 of 19 Dharmendra the Ex-CEO, to BSE and whether the company has responded to BSE as required under Regulation 30(10) of LODR Regulations, 2015.
Adjudication Order in respect of Jinaam’s Dress Limited Page 4 of 19 6. SEBI was informed by BSE vide its email dated October 04, 2021, that it had sought clarification from the Company vide email dated September 20, 2021 with respect to non-disclosure of material information regarding; i. Resignation of the Chief Executive Officer of the company. ii. Initiation and withdrawal of CIRP against the Company. iii. Not responding to the emails sent by SEBI. However, BSE stated that no response was received from the Company.
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Source: SecMarx — sebi:Order/GG/VV/2022-23/17225. 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.