SEBI bars Samir and Meera Jain from the securities market

Penalties totalling Rs 35.67 crore have been slapped on PNB Finance and Industries Ltd, Camac Commercial Company Ltd and various other entities,

by exchange4media Staff
Published: Mar 30, 2023 10:06 AM | 1 min read

SEBI imposed penalties totalling Rs 35.67 crore on PNB Finance and Industries Lts, Camac Commercial Company Lts and other companies, including promoters Samir Jain and his wife Meera Jain. The Jains have also been barred from the securities market.

They have also been reportedly restrained from holding any key managerial position or associating themselves with any listed public company. These restrictions will apply until the two companies comply with SEBI's minimum public shareholding requirement. Listed companies are required to have at least 25 per cent public shareholding.

The two companies, according to SEBI, did not entirely disclose their promoter entities. These companies have been listed on Calcutta Stock Exchange and asked to disclose their promoter details.

Samir Jain was the Vice Chairman and the MD of Bennett Coleman and Co. Limited (BCCL) and Meera Jain the Whole Time Director at BCCL. Six entities -- the Jains, Ashoka Viniyoga Ltd, Artee Viniyoga Ltd, Camac Commercial Company Ltd and Combine Holding Ltd -- have been restricted from the securities market.