Order in the matter of Nalwa Sons Investments Limited

What is this order about?

This order concerns Nalwa Sons Investments Limited (NSIL) and several individuals and entities related to the reorganization of investments in Jindal Holdings Limited and Jindal Steel and Alloys Limited during 2013-14, which SEBI found may have violated securities laws by not following proper procedures.

Who it concerns

Nalwa Sons Investments Limited, Mr. Mahender Kumar Goel, Mr. Rakesh Kumar Garg, Mr. Rajinder Prakash Jindal, Mr. Bhartendu Harit, Mr. Prithvi Raj Jindal, Ms. Arti Jindal, M/s Siddeshwari Tradex Private Limited, M/s Sahyog Holdings Private Limited, Mr. Sajjan Jindal, M/s Virtuous Tradecorp Private Limited, Mr. Ratan Jindal, M/s OPJ Trading Private Limited, Mr. Naveen Jindal, Ms. Shallu Jindal

What was found or directed

• SEBI found that investments held by NSIL through its subsidiaries were divested into other private entities during fiscal year 2013-14 without following due procedures and laws governing divestment
• Financials of NSIL did not represent true and correct picture to the detriment of investors
• SEBI had previously closed an investigation into Hexa (a related company) on October 27, 2022, stating no enforcement action was needed
• SEBI's investigation into Nalwa was initiated after a shareholder complaint in 2022
• SEBI had granted an opportunity for a personal hearing on January 9, 2026
• SEBI had granted an extension of eight weeks from disposal of settlement applications to pass a reasoned order
• Noticees withdrew their settlement applications on June 1, 2026