A local court has pulled up SEBI and other law enforcing agencies for their “lethargic approach” in acting against violators as it fined a Delhi-based
company and its two directors Rs 25 crore for raising over Rs 22 crore from investors.
Additional Sessions Judge Pawan Kumar Jain also sentenced Ashwani Sud and Sanjeev Sood,
directors of company Timberworld Resorts and Plantations India Ltd, to one year imprisonment after convicting the duo and the firm for the offences under the Securities and Exchange Board of India (SEBI) Act.
While a fine of Rs 15 crore was imposed on the firm, the court slapped a fine of Rs five crore each on the directors.
The court, in its judgment, observed that had SEBI taken a strict action against these convicts in time, the investors might not have lost their money.
company and its two directors Rs 25 crore for raising over Rs 22 crore from investors.
Additional Sessions Judge Pawan Kumar Jain also sentenced Ashwani Sud and Sanjeev Sood,
directors of company Timberworld Resorts and Plantations India Ltd, to one year imprisonment after convicting the duo and the firm for the offences under the Securities and Exchange Board of India (SEBI) Act.
While a fine of Rs 15 crore was imposed on the firm, the court slapped a fine of Rs five crore each on the directors.
The court, in its judgment, observed that had SEBI taken a strict action against these convicts in time, the investors might not have lost their money.