The Promoter of Ls Industries Profound Finance, Jhangir Panikveettil Perumbarambarambarambarambarambarambarambarambarambarambarambarambarambarambarambarambarambathu Industries, have also also been prohibited from the markets.
The timeline to complete the probe regarding this matter has been extended to November 15, and these entities are direct to cooperate for the same, sebi said.
In February 2025, The Market Regulator Passed An Interim Order Barring Ls Industries, Profound Finance and Four Others from the Securities Markets Over Allegations of Fraudulent Activities and Stocock Manipulation.
SEBI Had also Instructed Perumbarambathu to Impound Unlawful Gains of 1.14 Crore from the sale of shares as part of the fraudulent scheme.
The matter Concerns Ls Industries and Its Key Associates, Who WHO WHO WHO WHO WHOWD in Artificially inflating
Sebi, in its interim order, noted that ls Industries Reported Negligible Revenue in the last three financial years (fy22-fy24) and the first three qualitys of fy25, indicating that that the company Had Not Conducted any business during this period.
The share price of lsil rose more than 10 times from 22.50 to a high of 267.50 Between July 23, 2024 and September 27, 2024, with the company revenue a peak market capitalization of about 22,700 Crore Despite Poor Financial Performance.
The Sudden Price Movement in the Shares without any substantial changes in fundamentals, the transfer of shares to perumbarambathu, and the assistant trading patterns from comes scrutiny.
“In view of the Sudden Price movement in the scrip with any meaningful change in fundamentals, the dubious transfers of shares to jpp and the assistant trading patterns of certain articles, it is the factor appeared that the notices were part of a manipulative scheme designed to defraud investors, “Sebi said.
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