sebi:WTM/MPB/ISD/66/2017
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Facts / Headnote
Representation of M/s Jalan Cement Works Limited disposed of; trading restrictions on promoters/directors removed; trading reverted to pre-August 7, 2017 status; independent forensic audit directed.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 55A
Parties
- M/s Jalan Cement Works Limited
Holding
The restrictions on promoters/directors of Jalan Cement Works Limited were removed and trading reverted to its pre-August 7, 2017 status, while an independent forensic audit was directed to verify misrepresentation of financials/business and misuse of books of accounts/funds including accommodation entries.
Full text
Interim Order in the matter of M/s Jalan Cement Works Limited Page 2 of 19 (b) Misusing the books of accounts/funds of the company 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)
Interim Order in the matter of M/s Jalan Cement Works Limited Page 3 of 19 respect of all the listed securities as identified by MCA and communicated by SEBI, with effect from August 8, 2017.
Interim Order in the matter of M/s Jalan Cement Works Limited Page 4 of 19 SEBI is directed to dispose of the representation made by the appellant as expeditiously as possible and in any event within a period of four weeks from today. It is made clear that passing of any order on the representation made by the appellant would not preclude SEBI from further investigating the matter and initiate appropriate proceedings if deemed fit….”
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Source: SecMarx — sebi:WTM/MPB/ISD/66/2017. 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.