Aashrit Capital Limited (formerly Jalan Cement Works Ltd.)
Penalties and directions recorded
- Appeals challenged AO penalty orders; the extracted text does not state the final operative disposal directions.
- Aashrit Capital Limited directed to pay Rs. 10 lakh
- Penalties imposed on the other appellants set aside
- Appeals challenged AO penalty orders; the supplied text does not include the final operative disposal directions.
- Reduced Company penalty to Rs 10 lakh for LODR violation
SAT-appeal
- Alleged collusion with BPML to divert IPO proceeds, create false buy-side demand and a misleading appearance of trading, manipulate the listing-day price, and defraud IPO investors.Appeals challenged AO penalty orders; the extracted text does not state the final operative disposal directions.Appeal: Appeal Nos. 328, 329, 330, 331, 332, 333, 359 and 381 of 2021; decision dated 20 December 2023. Final disposal outcome is not included in the extracted text.
- Alleged misrepresentation of financial statements, accounting-standard violations, misuse of funds/books of account and other LODR non-compliances; alleged PFUTP violations were not established.Appeals partly allowed · Debarment period reduced to the period already undergoneAppeal: Appeal Nos. 286, 287 and 369 of 2022 partly allowed by SAT on 17 November 2022
- Alleged collusion with BPML to route or siphon IPO proceeds into purchases and transfers connected with BPML securities, creating a misleading appearance of trading and supporting the listing-day price rise.Appeals challenged AO penalty orders; the supplied text does not include the final operative disposal directions.Appeal: Appeal Nos. 328, 329, 330, 331, 332, 333, 359 and 381 of 2021 heard together; order dated 20 December 2023. Final disposal outcome is not included in the supplied excerpt.
- Misrepresentation of financials, misuse of funds/books and LODR disclosure failures; alleged shell company and PFUTP fraud, later found not proved.Affirmed LODR non-compliance violation by Company · Reduced debarment to period already undergone by appellantsAppeal: Appeal Nos. 286, 287 and 369 of 2022 partly allowed on 17.11.2022
- Diversion/siphoning of Birla Pacific Medspa Ltd IPO proceeds via conduits to fund purchase of its own shares on listing day, creating misleading appearance and supporting price rise.Appeal: SAT Appeal Nos. 328-333, 359, 381 of 2021 against AO orders of Feb 2021; Reserved 01.12.2022, Decision 20.12.2023; final disposal not in excerpt
Source: SecMarx — Aashrit Capital Limited (formerly Jalan Cement Works Ltd.). AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.