Sebi on Tuesday imposed penalties totalling Rs 35.67 crore on PNB Finance and Industries Ltd, Camac Commercial Company Ltd and various other entities, including promoters Samir Jain and Meera Jain who have also been barred from the securities market.
Apart from the market ban, Samir Jain and Meera Jain have been restrained from holding any key managerial position or associating with any listed public company. These restrictions will be in place till the two companies comply with the minimum public shareholding requirement under Sebi norms, according to two separate orders.
Listed companies are required to have at least 25 per cent public shareholding.
As per Sebi, the two companies did not make adequate disclosures about their promoter entities. The companies, listed on Calcutta Stock Exchange, have also been directed to disclose details about their promoters.
Samir Jain was the Vice Chairman and Managing Director of Bennett Coleman and Co. Limited (BCCL) at the relevant point of t
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