sebi:WTM/AB/IVD/ID19/16347/2022-23
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Facts / Headnote
Directions issued under Sections 11(1), 11(4), 11(4A), 11A and 11B(1), 11B(2) of SEBI Act, 1992 and Section 12A(1) of SCRA, 1956; penalties imposed under Section 15HB of SEBI Act, 1992 on JCWL and Noticees no. 2 to 7, 9 and 11 to 13; Noticees no. 4, 5, 7, 11, 12 and 13 restrained from accessing securities market for six months; proceedings against Noticees no. 8 and 10 disposed of.
Provisions invoked
- s. 15A
- s. 19
- s. 11(1)
- s. 11B
- s. 12A
- s. 11(2)
- s. 11
- s. 15H
- s. 27
- s. 73
- s. 15J
- s. 15F
- s. 21
- s. 17
- s. 54
- s. 56
- s. 17(2)
- s. 177
- s. 2(76)
- s. 176
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(b)
- Reg. 4(2)(f)
- Reg. 4
- Reg. 4(1)(a)
- Reg. 33
- Reg. 48
- Reg. 18(3)
- Reg. 17(8)
- Reg. 33(2)(a)
- Reg. 31(1)(b)
- Reg. 25(5)
Parties
- Jalan Cement Works Limited (now known as Aashrit Capital Limited)
- Mr. Prateek Arora
- Mr. Nimish Arora
- Ms. Roli Gupta
- Ms. Heena Khurana
- Mr. Shalabh Gaur
- Mr. Satish Kumar Gupta
- Mr. Suresh Kumar Sharma
- Mr. Dilip Kumar Pipalwa
- Mr. Parmanand Drolia
- Ms. Richa Pipalwa
- Mr. Suresh Kumar Moonka
- Mr. Raj Kumar Agarwal
Holding
JCWL and its directors/CFO (Noticees no. 2 to 7, 9, 11 to 13) were found to have violated SEBI Act, SCRA and LODR Regulations by misrepresenting financial statements and executing non-genuine transactions, and were imposed penalties under Section 15HB of the SEBI Act, 1992. Proceedings against Noticees no. 8 and 10 were disposed of as allegations against them were not sustained.
Full text
Final Order in the matter of Jalan Cement Works Limited (now known as Aashrit Capital Limited) Page 1 of 69 WTM/AB/IVD/ID19/16347/2022-23
Final Order in the matter of Jalan Cement Works Limited (now known as Aashrit Capital Limited) Page 2 of 69 11. Ms. Richa Pipalwa
Final Order in the matter of Jalan Cement Works Limited (now known as Aashrit Capital Limited) Page 3 of 69 directors and the CFO of Noticee no. 1 had failed to discharge their fiduciary responsibility. The SCN also alleged that Noticee no.1 and its directors and the CFO (Noticees no. 2 to 13) failed to present true and fair financial statements, executed transactions which are non-genuine in nature resulting in misrepresentation of the accounts/ financials statement and misuse of account/ funds of the Company and such acts were found to be fraudulent in nature as they induced the investors to trade in the securities of the Company and had the potential to mislead the investors.
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Source: SecMarx — sebi:WTM/AB/IVD/ID19/16347/2022-23. 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.