sebi:WTM/AB/IVD/ID19/13326/2021-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
LODR violations upheld against JMD Ventures Limited for misrepresentation/non-disclosure in financial statements; PFUTP and Section 12A charges against Noticee Nos. 1 to 8 held not tenable, with liberty to SEBI to issue fresh SCN
Provisions invoked
- s. 11
- s. 15A
- s. 19
- s. 11(1)
- s. 11B
- s. 12A
- s. 11(2)
- s. 15H
- s. 27
- s. 15J
- s. 15F
- s. 21
- s. 23E
- s. 23H
- s. 134(3)
- s. 2(76)
- s. 227
- s. 12A(1)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)
- Reg. 4(2)(f)
- Reg. 200
- Reg. 3(b)
- Reg. 2(1)
- Reg. 30
- Reg. 4
- Reg. 4(1)(a)
- Reg. 48
- Reg. 17(8)
- Reg. 33(2)(a)
- Reg. 34(3)
- Reg. 25(5)
- Reg. 4(1)(g)
- Reg. 33(1)(c)
Parties
- JMD Ventures Limited (Noticee No.1)
- Noticee Nos. 2 to 8
- Noticee No. 9
Holding
JMD Ventures Limited misrepresented financial statements and failed to disclose related party transactions, violating LODR Regulations 4(1)(g), 33(1)(c), 34(3) and 48. The allegations of violation of Section 12A of SEBI Act and PFUTP Regulations against Noticee Nos. 1 to 8 were held vague and not tenable.
Full text
Final Order in the matter of JMD Ventures Limited Page 2 of 67 (i) Show Cause Notice No. SEBI/HO/IVD/ID19/OW/P/2020/0000013576/1-8 dated August 21, 2020 issued to Noticee no. 1 to 8 (hereinafter referred to as “SCN”); (ii) Show Cause Notice No. SEBI/HO/IVD/ID19/OW/P/2020/0000013577/1 dated August 21, 2020 issued to Noticee no. 9 (hereinafter referred to as “SCN-II”); and
Final Order in the matter of JMD Ventures Limited Page 3 of 67 4.1. SEBI passed an interim order on September 14, 2017 inter-alia directing the promoters and the directors (Noticee no. 2 to 6) of the JMD Ventures Limited (Noticee no.1, hereinafter referred to as "the Company" or "JMD") to only buy the securities of JMD and shares held by them in the Company shall not be allowed to be transferred for sale by depositories. Further, vide the said interim
Final Order in the matter of JMD Ventures Limited Page 4 of 67 4.3.3. Misreporting by the company with regard its related party transactions and dealings of the company with or through directors
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/IVD/ID19/13326/2021-22. 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.