PNB Finance & Industries Ltd., Camac Commercial Company Ltd., and a number of other entities, including promoters Sameer Jain and Meera Jain, who have also been barred from the securities market, were all hit with a combined penalty of Rs 35.67 crore by Sebi on Tuesday.
Sameer Jain and Meera Jain cannot be associated with any publicly traded company or hold a key managerial position outside of the market ban. These limitations will be set up till both the organizations agree with the base public shareholding necessity under SEBI standards, according to two separate requests.
For listed businesses, a public shareholding of at least 25% is required.
Sebi claims that neither company provided sufficient information about its promoter entities. Additionally, the Calcutta Stock Exchange has mandated that information regarding their promoters be made public.
Sameer Jain was the Bad habit Executive and Overseeing Head of Bennett Coleman and Company Restricted (BCCL) at the significant time and Meera Jain was Entire Time Chief in BCCL.
Six entities have been excluded from the securities market in the case of PNB Finance and Industries Ltd. (PNBFIL). According to the 96-page order, they are Sameer Jain, Meera Jain, Ashok Viniyog Limited, Aarti Viniyog Limited, Camac Commercial Company Limited, and Combine Holding Limited.
PNBFIL has been fined Rs 12 crore, and Sameer Jain, Meera Jain, Ashok Viniyog Ltd., Aarti Viniyog Ltd., Camac Commercial Company Ltd., and Combine Holding Ltd. each received Rs 1.41 crore, in addition to a Rs 39 lakh fine. Trishala Jain receives a slap.
Additionally, Sameer and Meera Jain are prohibited from “associating themselves in any capacity with any listed public company and any public company which is public, or intending to raise funds from an intermediary.” Registered with SEBI” unless the business meets the minimum requirements for public shareholding.
Eight businesses have been excluded from the securities market by the regulator in the case of Camac Commercial Company Limited (CCCL). Sameer Jain, Meera Jain, Ashok Viniyog Limited, Aarti Viniyog Limited, PNB Finance & Industries Limited, Combine Holding Limited, and Punjab Mercantile & Traders Limited are their respective businesses.
CCCL has been fined Rs 11.41 crore, and Sameer Jain and Meera Jain have been fined Rs 1.41 crore. In addition, Ashok Viniyog Limited, Aarti Viniyog Limited, PNB Finance & Industries Limited, Combine Holding Limited, and Punjab Mercantile & Traders Limited have each been assessed a fine of Rs 20 lakh.
Like the headings in the PNBFIL case, the two people have been banished from standing firm on any critical administrative situation or partner themselves in any way with any recorded public organization till the base public shareholding standards are conformed to.
Sebi, in the request against PNBFIL, said the substances have “together and vindictively distorted the organization as an expertly run organization with no advertiser”.
This was in spite of plainly realizing that the Jain family was basically the genuine advertiser of the organization holding 91.51 percent of the all out shareholding of the organization straightforwardly and in a roundabout way.
“Jointly and maliciously misrepresented the company that there is no individual promoter and that the company is an amalgamation of seemingly unrelated corporate entities,” Sebi stated in its order against CCCL. run by the group so that no one was in a position of power.
This comes after SEBI received complaints about companies like Arth Udyog Ltd., Ashok Viniyog Ltd., and Ashok Marketing Ltd. not complying with minimum public shareholding norms, including not complying with various provisions of securities laws, and wrongly disclosing promoter shareholding. Camac Commercial Company Limited and PNB Finance & Investments Limited.