SEBI recovers Rs. 1.20 Lakh from defaulter Ajay Kumar Jindal in Delta Leasing and Finance case
The Securities and Exchange Board of India (SEBI) has completed recovery proceedings against Ajay Kumar Jindal, a defaulter in the matter of Delta Leasing and Finance Ltd.
MUMBAI (India CSR): The Securities and Exchange Board of India (SEBI) has completed the recovery proceedings against Ajay Kumar Jindal, a defaulter in the matter of Delta Leasing and Finance Ltd. SEBI had issued a recovery certificate against Jindal on December 22, 2022, for failing to pay a penalty of Rs. 1.7 Lakh imposed by SEBI in an earlier order dated July 29, 2022.
Delta Leasing & Finance Limited is a public Limited company and listed on the Bombay Stock Exchange and Delhi Stock Exchange. DLFL was incorporated under the provisions of the Companies Act, 1956, as a public limited company vide Certificate of Incorporation No. L 67120 DL 1983 PLC 016990 dated 21st November 1983 issued by the Registrar of Companies, Delhi & Haryana at New Delhi. The Company obtained a Certificate of Commencement of business on 17th December 1983.
SEBI Action Against Defaults
According to SEBI, Jindal had violated the provisions of the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 by indulging in fraudulent and manipulative trading activities in the scrip of Delta Leasing and Finance Ltd.
SEBI had initiated recovery proceedings against Jindal by attaching his bank accounts, movable and immovable properties, and shares and mutual funds held by him. SEBI had also published a public notice in newspapers and on its website inviting claims from investors who had suffered losses due to Jindal’s actions.
SEBI has now informed that it has recovered the entire amount of Rs. 1.20 Lakh along with interest and costs from Jindal and has closed the recovery proceedings. SEBI has also advised investors to be cautious while dealing in the securities market and to verify the credentials of the entities before investing.
Status
The Securities and Exchange Board of India (SEBI) has released Ajay Kumar Jindal, a defaulter in the matter of Delta Leasing and Finance Ltd., from the recovery proceedings initiated against him. According to a release order, SEBI has stated that Jindal has paid the full amount along with interest and penalty as per the certificate of recovery.
The release order further stated that Jindal has also submitted an undertaking that he has no pending dues or liabilities towards SEBI in any other matter. (Source: SEBI | Release Order – Ajay Kumar Jindal [Defaulter] PAN: ADDPJ7208H in the matter of Delta Leasing & Finance Ltd : Certificate No. 6093 of 2022.)
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