sebi:WTM/MPB/ISD/61/2017
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Facts / Headnote
Interim order modifying actions envisaged in SEBI's letter dated August 7, 2017; trading reverted to pre-August 7, 2017 status pending forensic audit; representation disposed of
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
- s. 131
Parties
- Jaisukh Dealers Limited
Holding
SEBI found prima facie evidence that Jaisukh Dealers Limited misrepresented its financials (inventory overstated by Rs. 1.8 crores) and that there was prima facie suspicion of misuse of books of accounts/funds including facilitation of accommodation entries, and accordingly modified the trading restrictions imposed by its letter dated August 7, 2017, reverting trading to its prior status pending forensic audit while restricting promoters and directors from selling shares.
Full text
Order in the matter of Jaisukh Dealers Limited Page 2 of 19 (a) Misrepresentation including that of their respective financials and businesses and possible violations of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (hereinafter referred to as “LODR Regulations”) and/or (b) Misusing their respective books of accounts/funds including facilitation of accommodation entries to the detriment of minority shareholders and therefore reneging on the fiduciary responsibility cast on the board, controlling shareholders and key management person (KMP)
Order in the matter of Jaisukh Dealers Limited Page 3 of 19 the listed companies as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Order in the matter of Jaisukh Dealers Limited Page 4 of 19 “2. As the appellant has already made a representation to BSE against the said ex-parte order dated 7th August, 2017, with a copy to SEBI, Counsel for the appellant on instruction seeks to withdraw the appeal with liberty to pursue the representation filed before SEBI. Accordingly, we permit the appellant to withdraw the appeal with liberty to pursue the representation pending before SEBI.
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Source: SecMarx — sebi:WTM/MPB/ISD/61/2017. 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.