Bharat Express

SEBI Imposes Penalties on PNB Finance and Industries, CCCL, and others worth Rs. 36 Crore

SEBI penalized PNB Finance and Industries Ltd., Camac Commercial Company Ltd. and several other entities worth Rs. 35.67 Crore on Tuesday.

Security Exchange Board of India, SEBI penalized PNB Finance and Industries Ltd., Camac Commercial Company Ltd. and several other entities worth Rs. 35.67 Crore on Tuesday. The penalty is imposed on Samir Jain and Meera Jain as well who have been already barred from the securities market. Not only this, India’s Securities and Exchange Board of India (SEBI) has imposed restrictions on Samir Jain and Meera Jain, prohibiting them from holding key managerial positions or associating with any listed public company until their companies comply with Sebi’s minimum public shareholding requirement.

SEBI has directed the companies to disclose details about their promoters. The two companies, listed on the Calcutta Stock Exchange, failed to disclose adequate information about their promoter entities. Samir Jain was the Vice Chairman and Managing Director of Bennett Coleman and Co. Limited (BCCL), while Meera Jain was a Whole Time Director at BCCL. In the issue regarding PNB Finance and Industries Ltd. (PNBFIL), six entities, namely Ashoka Viniyoga Ltd, Artee Viniyoga Ltd, Camac Commercial Company Ltd and Combine Holding Ltd, as well as Samir Jain and Meera Jain, have been prohibited from the securities market, according to a 96-page order by SEBI.

PNBFIL has been fined Rs. 12 crore, while a penalty of Rs 1.41 crore has been charged each on Samir Jain, Meera Jain, Ashoka Viniyoga Ltd, Artee Viniyoga Ltd, Camac Commercial Company Ltd and Combine Holding Ltd. Additionally, Trishla Jain has been fined Rs 39 lakh. In the case of CCCL, the regulator has prohibited eight entities, including Samir Jain and Meera Jain, from the securities market, and imposed fines of Rs 11 crore on CCCL and Rs 1.41 crore each on Samir Jain and Meera Jain, along with fines of Rs 20 lakh each on related entities.

Moreover, the regulator has also barred two individuals from holding any key managerial position or associating themselves in any capacity with any listed public company until compliance with minimum public shareholding norms is met similar to the PNBFIL. Reportedly, SEBI had previously ordered PNBFIL to comply with these norms and had found that the Jain family was the actual promoter of the company despite their misrepresentation.