sebi:WTM/AB/IVD/ID19/14250/2021-22
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Facts / Headnote
Final order adjudicating violations of SEBI Act, SCRA, PFUTP Regulations, and LODR Regulations against JMGL and its directors; specific penalty quantum not visible in the provided excerpt.
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. 149(6)
- s. 21
- s. 23E
- s. 23H
- s. 138
- s. 2(51)
- s. 149(12)
- s. 39
- 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. 201
- Reg. 4
- Reg. 4(1)(a)
- Reg. 25(5)
- Reg. 48
- Reg. 17(8)
- Reg. 33(2)(a)
- Reg. 33(1)
- Reg. 16(1)(b)
- Reg. 2(2)
- Reg. 33(1)(c)
Parties
- Jai Mata Glass Limited (JMGL)
- Sanjay Kumar Sareen
- Ambarish Chaterjee
- Samir Katyal
Holding
JMGL and its directors were found to have violated LODR Regulations, PFUTP Regulations, and SEBI Act provisions through misrepresentation of financial statements, misuse of funds, non-furnishing of information to the forensic auditor, and failure to ensure independence of independent directors who were reported as Key Managerial Personnel. The order also addresses specific charges regarding land sale transactions, write-offs, and statutory dues compliance.
Full text
Final Order in the matter of Jai Mata Glass Limited Page 1 of 77 WTM/AB/IVD/ID19/14250/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA FINAL ORDER
Final Order in the matter of Jai Mata Glass Limited Page 2 of 77 issued and/or penalty not be imposed, as deemed fit under Sections 11(1), 11(4), 11(4A), 11A and 11B(1), 11B(2) read with Sections 15A(a), 15HA and 15HB of SEBI Act, 1992 and Sections 12A(1), 12A(2), 23E and 23H of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA, 1956”), against them for violations of Sections 12A(a), (b) & (c), 11(2)(i) and 11(2)(ia) of the SEBI Act, 1992, Regulations 3(b), (c) & (d), 4(1), 4(2) (f) & (r) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as "PFUTP Regulation, 2003"), Regulations 4(1)(a), 4(1)(b), 4(1)(c), 4(1)(e), 4(1)(g), 4(1)(h) & 4(1)(i), 4(2)(f)(ii)(6) & 4(2)(f)(ii)(7), 4(2)(f)(iii)(2), 4(2)(f)(iii)(3), 4(2)(f)(iii)(6) and 4(2)(f)(iii)(12), 16(1)(b)(vi), 33(2)(a) and 48 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “LODR Regulations”), and Section 21 of SCRA Act, 1956.
Final Order in the matter of Jai Mata Glass Limited Page 3 of 77 2.2. The forensic audit report (hereinafter referred to as ‘FAR’) was submitted to SEBI by the stock exchange and the findings of the FAR from the period April 01, 2015 till January 31, 2018 were examined.
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Source: SecMarx — sebi:WTM/AB/IVD/ID19/14250/2021-22. 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.