sebi:QJA/MN/CFID/CFID-TPD/32406/2026-27
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Facts / Headnote
Preliminary issue of jurisdiction decided in favour of SEBI; proceedings to continue on merits
Provisions invoked
- s. 19
- s. 11(1)
- s. 15H
- s. 11C
- s. 23H
- s. 12A(2)
Regulations
- Reg. 9
- Reg. 5
- Reg. 8(1)
- Reg. 10
Parties
- Bajaj Hindusthan Sugar Limited (BHSL)
- Other Noticees (unnamed in excerpt)
Holding
The QJA held that SEBI had jurisdiction to issue the SCN dated October 16, 2023, and that the facts identified by the Noticees as 'jurisdictional facts' (non-consideration of forensic audit reports, squaring off of loans, delay/limitation) are in the nature of 'adjudicatory facts' to be decided on merits, not jurisdictional facts going to the threshold of jurisdiction.
Full text
Order in the matter of Bajaj Hindusthan Sugar Limited Page 2 of 26 A. BACKGROUND 1. Securities and Exchange Board of India (‘SEBI’) conducted an investigation in the matter of Bajaj Hindustan Sugar Limited (‘BHSL’ or ‘Noticee No. 1’ or ‘the Company’) for the period FY 2010-11 to FY 2021-22 (‘Investigation Period’ or ‘IP’) based on the complaint received against BHSL to ascertain as to whether there was any diversion or misappropriation of funds by way of advancing loans to Ojas Industries Private Limited (‘OIPL’), Bajaj Power Generation Private Limited (‘BPGPL’) and non-disclosure of related party transactions (‘RPTs’) in contravention of the provisions of the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’), Securities Contracts (Regulation) Act,1956 (‘SCRA’), SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (‘PFUTP Regulations’) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’).
Order in the matter of Bajaj Hindusthan Sugar Limited Page 3 of 26 3.4. Diversion of 870.60 crore from BHSL for the benefit of entities under the influence/control of the Noticees through BPGPL by advancing loan for infrastructure projects from November 28, 2011 to October 21, 2014.
Order in the matter of Bajaj Hindusthan Sugar Limited Page 4 of 26 Hon’ble Bombay High Court by its order dated May 08, 2024, inter-alia, disposed of the writ petition by passing a reasoned order with directions mentioned in its order.
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Source: SecMarx — sebi:QJA/MN/CFID/CFID-TPD/32406/2026-27. 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.