3 directors of apparel firm in liquidation fined RM50,000 by Bursa
Jerasia Capital Bhd had engaged in the manufacturing, wholesale, and retail of fashion apparels, accessories, and personal protective equipment in Malaysia and the US.
PETALING JAYA : Three directors of an apparel company currently in liquidation have been fined a total of RM50,000 by Bursa Malaysia Securities Bhd for failing to make an immediate announcement on the firm's winding-up order.
Bursa said Jerasia Capital Bhd, its managing director, Pronob Kumar Sen Gupta, as well as non-executive directors Yong Yuan Tan and Arnold Kwan were also issued public reprimands.
It said Jerasia only announced the winding-up order on April 12, 2023, 10 market days after AmBank Bhd had obtained the order from the Shah Alam High Court on March 29 that year.
The company had then announced further information on the winding-up order, as required by Bursa, on April 13.
Bursa said Jerasia and its directors did not offer any reasonable explanation for the delay, and that they could not solely rely on the advice of their lawyers to wait for the sealed order before announcing it.
'Notwithstanding that Jerasia had been de-listed on Aug 24, 2023, the breach was committed while the company was listed on the official list of Bursa.
'The three directors of Jerasia had breached paragraph 16.13(b) of the Main Market Listing Requirements at the material time by permitting Jerasia Capital to commit the breach,' Bursa said in a statement.
Pronob was imposed with a RM25,000 fine while Yong and Kwan were each fined RM12,500.
Bursa reiterated that a winding-up order must be announced immediately as it was crucial to enable shareholders and investors to make informed decisions.
Jerasia had engaged in the manufacturing, wholesale, and retail of fashion apparels, accessories, and personal protective equipment in Malaysia and the US.
The investment holding company was initially served with a winding-up petition on Oct 31, 2022, by AmBank, which claimed Jerasia had failed to settle an outstanding sum of RM23.8 million as at Oct 4, 2022.
This was the amount due under a judgment dated Sept 7 and certificate of allocator dated Sept 21, 2022.
The company's financial issues have been evident for some time now, having fallen under the Practice Note 17 (PN17) classification in January 2022.
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