Suumaya Industries Faces SEBI Interim Order, Restricting Key Personnel and Market Access

Team Finance Saathi

25/Jan/2025

What's covered under the Article:

SEBI issues an interim order against Suumaya Industries, restricting certain personnel from holding positions in listed companies.
SEBI prohibits certain directors from buying, selling, or dealing in securities until further notice.
Suumaya Industries is assessing the impact of the order and will update the exchange on further developments.

Suumaya Industries Limited has been served with an interim order by the Securities and Exchange Board of India (SEBI) on January 24, 2025, which outlines specific restrictions on certain personnel and market activities. According to the order passed, Noticee No.2 is restrained from holding the position of director or Key Managerial Personnel (KMP) in any listed company or any SEBI-registered intermediary. This action applies until further orders from SEBI.

Additionally, Noticees No.2 to 5 have been restrained from buying, selling, or dealing in securities, as well as from accessing the capital market in any form, either directly or indirectly. This prohibition is effective until further notice. The company is currently in the process of assessing the impact of this order on its operations and financial standing. While the company has not yet provided a quantified monetary impact, it is expected that this restriction could affect its future operations and market participation.

The violation cited in the SEBI order refers to sections 11(1), 11(4), and 11B(1) of the SEBI Act, 1992, with the alleged contravention impacting the company’s ability to continue its regular market activities. Suumaya Industries is closely monitoring the situation and will notify the exchange of any significant developments or updates regarding the order’s impact.

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Suumaya Industries Faces SEBI Interim Order, Restricting Key Personnel and Market Access

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