SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 02-MAR-2026

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

PERSONS: VIOLATED LISTING AGREEMENT

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

ATUL KUMAR

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SSK FISCAL SERVICES LTD.

DECLARED AS A VANISHING COMPANY

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-SEP-2002 TO 26-SEP-2007

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-SEP-2002 TO 26-SEP-2007

PROHIBITED PUBLIC COMPANIES IN WHICH THIS DIRECTOR HAS CONTROLLING/SUBSTANTIAL INTEREST TO RAISE FUNDS FROM CAPITAL MARKET FROM 27-SEP-2002 TO 26-SEP-2007

27-SEP-2002

AVINASH BHANDARI

(PAN:ABRPB0303P)

ELECTROTHERM (INDIA) LTD.

PAN:AAACE2669L

DID NOT PREPARE TRUE AND FAIR FINANCIAL STATEMENTS BY REVERSAL/NON-PROVISIONING OF INTEREST AND MADE WRONGFUL CERTIFICATION OF FINANCIAL RESULTS VIOLATING CLAUSE 49(V)(A)(II) OF ERSTWHILE EQUITY LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF ELECTROTHERM (INDIA) LTD.

DID NOT PREPARE TRUE AND FAIR FINANCIAL STATEMENTS BY REVERSAL/NON-PROVISIONING OF INTEREST AND MADE WRONGFUL CERTIFICATION OF FINANCIAL RESULTS VIOLATING REGULATIONS 4(2)(F) (II)(7) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF ELECTROTHERM (INDIA) LTD.

IMPOSED PENALTY RS.1,00,000

28-AUG-2020

AVINASH JOSHI

(PAN:AEUPJ5584N)

BILCARE LTD.

CIN:L28939PN1987PLC043953
PAN:AABCB2242F

DID NOT PRESENT TRUE AND FAIR FINANCIAL STATEMENTS VIOLATING SECTIONS 12A(B) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(C) TO 3(D), 4(1), 4(2)(F) AND 4(2)(R) READ WITH 2(1)(B) AND 2(1)(C) (1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF BILCARE LTD.

DID NOT PREPARED PROFIT AND LOSS ACCOUNTS AS PER ACCOUNTING STANDARDS VIOLATING CLAUSE 49(II)(D) AND 49(II)(E) OF ERSTWHILE EQUITY LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF BILCARE LTD.

DID NOT EXERCISE DUE DILIGENCE AS MEMBER OF AUDIT COMMITTEE VIOLATING REGULATION 18(3) READ WITH CLAUSES A(1), A(4) AND A(5) UNDER PART C OF SCHEDULE II OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 27(1) AND/OR 27(1) OF SEBI ACT, 1992 IN MATTER OF BILCARE LTD.

IMPOSED PENALTY RS.2,00,000

30-MAY-2024

AVTAR SINGH WALIA

HINDUSTAN TOOLS & FORGINGS LTD.

HINDUSTAN TOOLS & FORGINGS LTD. NOT PHYSICALLY TRACEABLE AT THE REGISTERED OFFICE ADDRESS

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

DID NOT ADHERE TO LISTING AGREEMENT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 06-AUG-2004 TO 05-AUG-2009

PROHIBITED PUBLIC COMPANIES IN WHICH THIS DIRECTOR HAS CONTROLLING/SUBSTANTIAL INTEREST TO RAISE FUNDS FROM CAPITAL MARKET FROM 06-AUG-2004 TO 05-AUG-2009

06-AUG-2004

AZHAR (MOHD.)

CRESTWORLD MARINE LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 03-FEB-2000 TO 02-FEB-2005

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 03-FEB-2000 TO 02-FEB-2005

03-FEB-2000

B.ARAVIND

SANGEO SERVICES LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

B.J.VIRANI

WALKER (INDIA) LTD.

DID NOT ADHERE TO LISTING AGREEMENT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 17-DEC-1999 TO 16-DEC-2004

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 17-DEC-1999 TO 16-DEC-2004

17-DEC-1999

B.K.JHA

CILSON ORGANICS LTD.

DECLARED AS A VANISHING COMPANY

DID NOT ADHERE TO LISTING AGREEMENT

DID NOT SUBMIT STATUTORY REPORTS, DIRECTORS REPORTS AND OTHER INFORMATION TO STOCK EXCHANGE

DID NOT FURNISH FINANCIAL RESULTS INCLUDING CASH FLOW STATEMENTS, BALANCE SHEET AND PROFIT & LOSS ACCOUNT TO STOCK EXCHANGE

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 25-SEP-2003 TO 24-SEP-2008

PROHIBITED PUBLIC COMPANIES IN WHICH THIS DIRECTOR HAS CONTROLLING/SUBSTANTIAL INTEREST TO RAISE FUNDS FROM CAPITAL MARKET FROM 25-SEP-2003 TO 24-SEP-2008

25-SEP-2003

B.M.JHA

CILSON FINANCE & INVESTMENT LTD.

DID NOT ADHERE TO LISTING AGREEMENT

B.M.JHA

CILSON FINANCE & INVESTMENT LTD.

DECLARED AS A VANISHING COMPANY

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-DEC-2002 TO 26-DEC-2007

PROHIBITED PUBLIC COMPANIES IN WHICH THIS DIRECTOR HAS CONTROLLING/SUBSTANTIAL INTEREST TO RAISE FUNDS FROM CAPITAL MARKET FROM 27-DEC-2002 TO 26-DEC-2007

27-DEC-2002

B.NAGABHUSHANAM

BAFNA SPINNING MILLS & EXPORTS LTD.

PAN:AACCB2067K

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

B.R.SHYAMALA

VISION TECHNOLOGY INDIA LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

B.RAMA RAJU

(PAN:ACEPB2813Q)

SATYAM COMPUTER SERVICES LTD.

MISLED INVESTORS THROUGH ISSUANCE OF BONUS SHARES AND AMERICAN DEPOSITORY SHARES (ADS) AND BY GIVING MISLEADING ANNOUNCEMENTS OF BUY BACK OF SHARES IN MATTER OF SATYAM COMPUTER SERVICES LTD.

SOLD AND PLEDGED SHARES WHILE IN POSSESSION OF UNPUBLISHED PRICE SENSITIVE INFORMATION VIOLATING REGULATIONS 3 AND 4 OF SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 1992 AND SECTION 12A (D) & (E) OF SEBI ACT, 1992 IN MATTER OF SATYAM COMPUTER SERVICES LTD.

DID NOT ADHERE TO PRINCIPLES OF CORPORATE GOVERNANCE IN GENERAL AND OBLIGATION OF CEO/CFO CERTIFICATION STIPULATED IN CLAUSE 49 OF THE LISTING AGREEMENT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 15-JUL-2014 TO 14-JUL-2028

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 15-JUL-2014 TO 14-JUL-2028

DIRECTED TO DISGORGE UNLAWFUL GAINS ALONGWITH INTEREST @12% PER ANNUM FROM JANUARY 07, 2009 TILL THE DATE OF PAYMENT

15-JUL-2014

SAT: SAT VIDE ITS ORDER DATED 12/05/2017 SET ASIDED IMPUGNED ORDER DATED 15/07/2014 TO THE EXTENT IT RELATED TO THE PERIOD FOR WHICH THE APPELALANTS WERE RESTRAINED FROM ACCESSING THE SECURITIES MARKET AND THE ILLEGAL GAIN DIRECTED TO BE DISGORGED BY THE APPLLANTS AND REMANDED THE MATTER TO FILE OF WTM OF SEBI TO PASS FRESH ORDER ON MERITS AND IN ACCORDANCE WITH LAW. FURTHER, DIRECTED THAT THE APPELLANTS SHALL NOT ACCESS THE SECURITIES MARKET AND SHALL NOT BUY, SELL OR OTHERWISE DEAL IN SECURITIES, DIRECTLY OR INDIRECTLY TILL FRESH ORDER IS PASSED BY WTM OF SEBI ON MERITS AND IN ACCORDANCE WITH LAW. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 21/08/2017 TIME TO PASS THE ORDER BY SEBI IS EXTENDED BY FOUR MONTHS FROM 11/08/2017. MISC.APPLICATION DISPOSED OFF ACCORDINGLY

B.RAMALINGA RAJU

(PAN:ACVPB8311J)

SATYAM COMPUTER SERVICES LTD.

B.RANGA VASANTH

VISION TECHNOLOGY INDIA LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

B.SHRIDARAM REDDY

SHAKTI SAI FLOWERS & TISSUES LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-FEB-2001 TO 27-FEB-2006

28-FEB-2001

B.VENKAT RAO

SHAKTI SAI FLOWERS & TISSUES LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

BABUBHAI JOITARAM PATEL

MAHA CHEMICALS LTD.

DID NOT ADHERE TO LISTING AGREEMENT

COMPANY WAS NOT LOCATED AT ITS REGISTERED OFFICE ADDRESS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 20-JUN-2000 TO 19-JUN-2005

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-JUN-2000 TO 19-JUN-2005

20-JUN-2000

BADRUDDIN A.JIWANI

WALKER (INDIA) LTD.

DID NOT ADHERE TO LISTING AGREEMENT

BAKTHABACHALU BHASKARAN

VIPUL SECURITIES LTD.

DID NOT ADHERE TO LISTING AGREEMENT

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 02-MAR-2026

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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADSUPDATED TILL : 02-MAR-2026

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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 02-MAR-2026