Ex-Parte Interim Order in the matter of Ashok Dilipkumar Jain and Others

SEBI has issued directions against ten individuals, including the company's Managing Director, based on prima facie findings of fraudulent trade practices and misuse of funds from a preferential warrant issue.

Who it concerns: Ashok Dilipkumar Jain, Dilip Keshrimal Sanklecha, Viha Ashok Jain, Sonali Abhaykumar Parmar, Abhishek Prakash Jain, Kirti Ravi Kothari, Kalidas Vijay Magar, Pradeep Sutodiya, Joy Banerjee, Punyah Sachin Jain, and Darjeeling Industries Limited (DIL).

What SEBI found or ordered

• SEBI found prima facie violations of the SEBI Act and PFUTP Regulations by all ten noticees.
• SEBI identified a scheme involving the preferential allotment of 70,00,000 warrants by DIL to the noticees at a price of ₹16.80 per warrant.
• SEBI observed that the proceeds from the warrant issue were routed back to entities connected to Ashok Dilipkumar Jain (ADJ) or entities with little commercial substance.
• SEBI noted that DIL was not found at its registered office address, raising doubts about its operations.
• SEBI directed the noticees to comply with interim restraints pending the detailed examination.
• The examination period covers September 1, 2024, to December 12, 2025, for price and volume analysis.

Also in the document

• The order is interim and ex-parte, meaning it was passed without hearing the noticees, pending a detailed investigation.
• SEBI noted a significant increase in DIL's revenue from nil in FY 2023-24 to ₹4.46 crores in FY 2025-26, coinciding with ADJ's appointment as director.
• SEBI linked the noticees to a suspected entity, Surendra Jain, who is under investigation in a separate matter involving Sunshine Capital Limited.
• The total amount raised through the preferential warrant issue was ₹11.76 crores.