SEBI v. Bimla Devi Jindal and others (Vikas Proppant and Granite Ltd, 2024)

Judgment entered

✓ Checked against the primary document on October 8, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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On 15 January 2024 a SEBI chief general manager found that a share-price run in Vikas Proppant and Granite Ltd involved a sham preferential allotment, misleading announcements and overstated financials, while insiders sold shares. The order imposed penalties totalling Rs 93 lakh, three-year market bans on seven noticees and disgorgement of about Rs 22.8 crore.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

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Penalty as published

9.3m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The order was issued on 15 January 2024 by a chief general manager of the Securities and Exchange Board of India. It names eight noticees, including Bimla Devi Jindal, Kamini Jindal, Puneet, Gourav, Ekta Mittal, Kanta Devi, Komal and Praveen Bishnoi, in the matter of Vikas Proppant and Granite Ltd, a company listed on BSE and NSE that later entered insolvency proceedings. The investigation, triggered by a BSE alert on the share price and by a complaint, covered June 2018 to August 2019.

SEBI alleged four things: that the company made a preferential allotment on 28 December 2018 to four of the noticees without receiving the consideration due; that it issued non-genuine and misleading corporate announcements and misstated its financial results for two financial years; that connected persons sold large quantities of shares at the higher prices this produced, for a profit of about Rs 22.8 crore; and that the noticees failed to make required takeover-code disclosures. Much of the activity was run, the noticees argued, by a promoter, Late B.D. Aggarwal, who had died in September 2020.

The order found the violations established, including breaches of section 12A of the SEBI Act and the fraud and unfair trade practice regulations, as well as takeover and listing-rule breaches and a securities-contracts breach in some cases. It rejected arguments about delay and lack of intent. Because the promoter had died, it treated the profits he had made as recoverable from his estate through his legal heirs, two of the noticees, to the extent of what they received.

The directions required four noticees to complete an open offer within 15 days with 10 percent annual interest from December 2018. The two heirs were ordered to disgorge Rs 21,51,51,285 with 12 percent simple interest, and Ekta Mittal Rs 1,28,65,000 with interest. Seven noticees were restrained from the securities market for three years, and their holdings were frozen. Penalties ran from Rs 6 lakh to Rs 17 lakh per noticee and total Rs 93 lakh.

The record does not show whether the order was appealed, whether the open offer was completed given the company's insolvency process, or how much of the disgorgement was recovered. It describes no criminal case.

This library tags the matter as misleading issuer disclosure and price manipulation. The tagging is ours, not the regulator's.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.

What technique is this, and how does it work?

This action is tagged with 2 techniques in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Misleading issuer disclosure — see how it works, what statute it engages, and every other action tagged the same way.
• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-01-15 SEBI final order

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEBI order
• SEBI order
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added October 8, 2026. submit a correction.