Sebi bars 10 entities over alleged fraud at Darjeeling Industriies
Market regulator Sebi on Tuesday barred 10 entities, including Darjeeling Industriies Ltd's Managing Director Ashok Dilipkumar Jain, from trading in the company's securities over alleged manipulative activities involving misleading corporate disclosures and diversion of issue proceeds.
Market regulator Sebi on Tuesday barred 10 entities, including Darjeeling Industriies Ltd's Managing Director Ashok Dilipkumar Jain, from trading in the company's securities over alleged manipulative activities involving misleading corporate disclosures and diversion of issue proceeds.
The interim ex-parte order was passed amid concerns that the noticees could offload shares allotted through a preferential issue after the lock-in period expired, potentially making wrongful gains.
According to the regulator, a site inspection at Darjeeling Industriies' registered office in Girgaon, Mumbai, disclosed that the company did not exist at the premises, which had been occupied by another firm since July 2024.
