Meera Jain

20 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Effect and operation of the impugned SEBI orders stayed during pendency of the appeals, subject to deposit of 25% of the penalty amount.
Balance penalty not to be recovered during pendency of the appeals upon compliance.
Accounts frozen pursuant to the impugned orders to be lifted forthwith.
Samir Jain and Meera Jain restrained from accepting new directorship or key managerial positions in listed companies during pendency of appeals.
Effect and operation of the impugned orders stayed during pendency of the appeals, subject to deposit of 25% of penalty by cash or bank guarantee.

SAT-appeal

Whether the noticees controlled PNB Finance and Industries Ltd. without disclosing themselves as promoters or persons in control, acted in concert, and whether the companies complied with minimum public shareholding requirements.
Effect and operation of the impugned SEBI orders stayed during pendency of the appeals, subject to deposit of 25% of the penalty amount. · Balance penalty not to be recovered during pendency of the appeals upon compliance.
Appeal: Appeal Nos. 371 to 383 of 2023 before SAT; order dated 26 April 2023 granted interim stay and listed matters for final disposal on 3 July 2023
SAT matter SATV-2039972104FA443369BE0DA1
Miscellaneous applications and Appeal Lodging No. 314 of 2023 were directed to be listed on 20 April 2023.
Appeal: Appeal Lodging No. 314 of 2023 was mentioned on 17 April 2023 and directed to be listed on 20 April 2023; no disposal is recorded.
Alleged undisclosed control/promoter status and acting in concert in relation to PNB Finance and Industries Ltd.; alleged non-compliance with minimum public shareholding requirements.
Effect and operation of the impugned orders stayed during pendency of the appeals, subject to deposit of 25% of penalty by cash or bank guarantee. · Balance penalty not to be recovered during pendency upon compliance.
Appeal: Appeal Nos. 371 to 383 of 2023 were admitted for consideration; final disposal listed for 3 July 2023. Interim stay granted on 26 April 2023.
Alleged non-compliance with minimum shareholding direction in SEBI impugned order; appellants claim compliance is impossible.
Appellants to submit letter/request to CGM, Corporate Finance Department, SEBI · SEBI to consider request and provide reply/comments within 30 days of submission
Appeal: Appeal Nos. 371, 372, 373, 374, 375, 376, 377, 378, 379, 380, 381, 382, 383 of 2023 pending before SAT; adjourned by consent to 20 January 2025, order dated 07.11.2024
Alleged control of PNB Finance and Industries Ltd. by noticees/Jain family without disclosing as promoters/persons in control, acting in concert, and failure to comply with MPS requirement.
Effect and operation of impugned orders stayed during pendency of appeal subject to deposit · Appellants to deposit 25% of penalty by cash or Bank guarantee to SEBI satisfaction
Appeal: Appeal Nos. 371-383 of 2023 pending; SAT stayed impugned orders on 26 April 2023; listed for admission and final disposal on 3 July 2023
SAT matter SATV-900913B2DC5A900ACBF2AE47
Not on board; mentioned today, list on April 20, 2023 · Parties to act on digitally signed copy by Private Secretary; certified copy available from Registry on payment
Appeal: Appeal Lodging No. 315 of 2023 with Misc. Application Nos. 519 and 520 of 2023 pending; listed on April 20, 2023
SAT matter SATV-85E386F9733CDD23182EDAE8
Matter not on board, mentioned today, list on April 20, 2023 · Parties to act on digitally signed copy signed by Private Secretary on behalf of bench
Appeal: Appeal Lodging No. 316 of 2023 with Misc. Application No. 521 of 2023 mentioned on 17.04.2023, listed next on 20.04.2023, not disposed
SAT matter SATV-9B8FE070E74BC391D7873A96
By consent, call on August 13, 2025
Appeal: Appeal Nos. 371 to 383 of 2023 pending; adjourned by consent to August 13, 2025
Alleged undisclosed control of PNB Finance and Industries Ltd. by Jain family individuals/entities as promoters/persons in control acting in concert and failure to meet minimum public shareholding.
Stay of effect and operation of impugned WTM and CSE orders during pendency of appeals · Conditional stay subject to appellants depositing 25% of penalty via cash or bank guarantee
Appeal: Appeal Nos.371-383 of 2023 against WTM orders dated 28-29 March 2023 pending; operation stayed conditionally; next hearing 3 July 2023
Alleged undisclosed control and promoter status over PNB Finance and Industries Ltd., acting in concert, and non-compliance with minimum public shareholding requirements.
Effect and operation of the impugned orders stayed during appeal subject to deposit of 25% of penalty · Balance penalty not to be recovered during appeal after compliance
Appeal: Appeal Nos. 371 to 383 of 2023 were pending before SAT; order dated 26 April 2023 directed listing for admission and final disposal on 3 July 2023.
SAT matter SATV-4C6CD5C9A571EE54F2F5B2D7
By consent, the connected appeals were adjourned and listed on 16 April 2025 at 10:30 a.m.
Appeal: Appeal Nos. 371 to 383 of 2023 were pending before SAT; by consent listed on 16 April 2025 at 10:30 a.m.
SAT matter SATV-4E0E9DE75990A53B434993C5
Connected appeals and miscellaneous applications were adjourned by consent to 7 November 2024 and listed high on board.
Appeal: Appeal Nos. 371 to 383 of 2023 were pending before SAT; by order dated 1 October 2024, they were adjourned by consent to 7 November 2024.
Alleged undisclosed control of PNB Finance and Industries Ltd as promoters/persons in control acting in concert and failure to comply with MPS requirement.
SEBI to file reply within four weeks; rejoinder within four weeks thereafter · Effect and operation of impugned orders stayed during pendency subject to 25% penalty deposit
Appeal: Appeal Nos. 371-383 of 2023 against WTM orders dated 28-29 March 2023 and CSE order 31 March 2023 pending; operation stayed on 26 April 2023; next hearing 3 July 2023
Alleged control of PNB Finance and Industries Ltd. without disclosing as promoters/persons in control, acting in concert, and failure to meet minimum public shareholding.
Respondent to file reply within four weeks; rejoinder within four weeks thereafter · Effect and operation of impugned orders stayed during pendency subject to 25% penalty deposit
Appeal: Appeal Nos. 371-383 of 2023 filed; stayed on 26 April 2023 subject to 25% deposit; listed for final disposal on 3 July 2023
SAT matter SATV-8C0B364F59958485BC1FB0D1
Adjournment granted at appellants' request by consent; matter to be called on 28, 29 and 30 January 2026 at 2:30 p.m.
Appeal: Appeal Nos. 371 to 383 of 2023 pending before SAT; adjourned vide order dated 03.12.2025, not disposed
Alleged undisclosed control of PNB Finance and Industries Ltd. by Jain family noticees as promoters/persons in control acting in concert and failure to comply with MPS requirement.
Stay of effect and operation of impugned orders during pendency subject to 25% penalty deposit · SEBI to keep deposited amount in interest bearing account subject to appeal result
Appeal: Appeal Nos. 371-383 of 2023 with Misc. Applications admitted on 26.04.2023; operation stayed conditionally; pending for final hearing on 03.07.2023
Alleged undisclosed control of PNB Finance and Industries Ltd by Jain family entities as promoters/persons in control acting in concert, holding 91.51% and breaching MPS norms.
Effect and operation of impugned WTM and CSE orders stayed during pendency subject to deposit · Accounts frozen pursuant to impugned orders to be lifted forthwith on compliance
Appeal: Appeal Nos. 371-383 of 2023 filed; SAT order dated 26 April 2023 grants conditional stay and lists appeals for admission and final disposal on 3 July 2023
SAT matter SATV-B50DBB673C26399A4EDD2438
List matter on April 20, 2023 · Parties to act on digitally signed copy; certified copy from Registry on payment
Appeal: Misc. Application No. 522 of 2023 and Appeal Lodging No. 317 of 2023 by Artee Viniyoga Ltd. pending, next listed April 20, 2023, no disposal on 17.04.2023
Alleged control of PNB Finance and Industries Ltd. by Jain family without disclosing as promoters/persons in control, acting in concert, violating MPS norms.
Effect and operation of WTM orders and CSE order stayed during pendency of appeals · Appellants to deposit 25% of penalty by cash or Bank guarantee within four weeks; balance not to be recovered
Appeal: Appeal Nos.371-383 of 2023 against WTM orders 28-29 March 2023 and CSE order 31 March 2023 - pending; operation stayed on 26 April 2023; next date 3 July 2023
Alleged undisclosed control of PNB Finance and Industries Ltd. as promoters/persons in control acting in concert and failure to comply with minimum public shareholding requirement.
Effect and operation of impugned orders stayed during pendency subject to 25% penalty deposit · Balance penalty not to be recovered during pendency upon compliance
Appeal: Appeal Nos.371 to 383 of 2023 filed; SAT order dated 26 April 2023 grants conditional stay, not final disposal; next hearing 3 July 2023

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Source: SecMarx — Meera Jain. 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.