sebi:Order/KS/PP/2020-21/10099
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated March 05, 2018 disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 23E
- s. 248
Regulations
- Reg. 3
- Reg. 7(1)
- Reg. 200
Parties
- Anshul Mercantile Pvt. Ltd.
Holding
The adjudication proceedings initiated against Anshul Mercantile Pvt. Ltd. vide SCN dated March 05, 2018 cannot be proceeded with and are disposed of because the Noticee stands dissolved since June 16, 2017 after being struck off the register of companies.
Full text
Adjudication order in respect of Anshul Mercantile Pvt. Ltd. in the matter of Jaybharat Textile and Real Estate Ltd. and KSL & Industries Ltd. Page 2 of 6 scrip of JTREL and in the scrip of KSLIL which is far in excess of what has been declared by them publicly. Investigations also revealed that the promoters of JTREL & KSLIL have been able to disguise the extent of the shareholding in both the companies in a devious manner through the artifice of holding the shares of their company through their benami, in most cases their employees or workers. Investigation further revealed that some of the above entities continuously dealt in the shares of KSLIL and JTREL and created artificial volumes in the said scrips. It is also observed that promoters utilized their connected entities for creating various layers of fund transfer among their connected entities to avoid any scrutiny.
Adjudication order in respect of Anshul Mercantile Pvt. Ltd. in the matter of Jaybharat Textile and Real Estate Ltd. and KSL & Industries Ltd. Page 3 of 6
Adjudication order in respect of Anshul Mercantile Pvt. Ltd. in the matter of Jaybharat Textile and Real Estate Ltd. and KSL & Industries Ltd. Page 4 of 6
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Source: SecMarx — sebi:Order/KS/PP/2020-21/10099. 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.