sebi:Order/SM/AD/2022-23/18233-18246
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Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 15J
- s. 28A
- s. 15I(1)
- s. 2(76)
Regulations
- Reg. 4
- Reg. 3
- Reg. 200
- Reg. 29(1)
- Reg. 3(a)
- Reg. 3(b)
Parties
- Jolly Plastic Industries Limited
- Ashok Kumar Bansal
- Mamta Bansal
- Satish Kumar Bansal
- Nitin Gupta
- Pankaj Agarwal
- Brijesh Kumar Anand
- Jitender Kumar
- Manoj Anand
- Monica Anand
- Ravi Chopra
- Aglow Financial Services Private Limited
- Svam Software Limited
- Shridhar Financial Services Limited
Holding
The Adjudicating Officer found that Noticees 1 to 14 violated Section 12A(a), (b), (c) of the SEBI Act read with Regulations 3(b), (c), (d) and 4(1) of the PFUTP Regulations by engaging in a scheme of circular fund transfers to finance a preferential allotment of shares of Jolly Plastic Industries Limited, without proper consideration.
Full text
Adjudication Order in the matter of Jolly Plastic Industries Ltd Page 2 of 39 BACKGROUND 1. Jolly Plastic Industries Limited (hereinafter referred to as ‘Noticee 1/by name/ JPIL/Company) is a company having its shares listed on BSE Ltd. (hereinafter referred to as ‘BSE’). Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) received references from BSE and conducted investigation in the matter of JPIL for suspected manipulation in trading of the scrip of JPIL, by certain entities for the period January 01, 2012 to December 31, 2013 (hereinafter referred to as ‘Investigation Period/IP’). Thereafter, based on investigation, SEBI observed violations of provisions of Section 12A(a), (b), (c) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) read with Regulations 3(b), (c), (d) and 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) by Noticee 1, Ashok Kumar Bansal (hereinafter referred to as “Noticee 2/ By Name”) , Mamta Bansal (hereinafter referred to as “Noticee 3/ By Name”), Satish Kumar Bansal (hereinafter referred to as “Noticee 4/ By Name”), Nitin Gupta (hereinafter referred to as “Noticee 5/ By Name”), Pankaj Agarwal(hereinafter referred to as “Noticee 6/ By Name”), Brijesh Kumar Anand (hereinafter referred to as “Noticee 7/ By Name”), Jitender Kumar, (hereinafter referred to as “Noticee 8/ By Name”), Manoj Anand, (hereinafter r
Adjudication Order in the matter of Jolly Plastic Industries Ltd Page 3 of 39 ‘Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15HA of SEBI Act for the alleged violation of Section 12A(a), (b), (c) of SEBI Act, read with Regulations 3(b), (c), (d) and 4(1) of PFUTP Regulations by Noticees.
Adjudication Order in the matter of Jolly Plastic Industries Ltd Page 4 of 39 iii. Connection between Noticee 1 and Noticee 14: SEBI observed that Mr. Sudhir Kumar Agarwal, who is also a director in Noticee 14, is a relative of Atul Kumar Agarwal. Further, Noticee 1 has shown Noticee 14 as its related party in its Annual Report for FY 2018-19 and FY 2019-20.
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Source: SecMarx — sebi:Order/SM/AD/2022-23/18233-18246. 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.