Bursa Malaysia publicly reprimands and fines Jerasia Capital and its three directors
PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded apparel manufacturer and fashion retailer Jerasia Capital Bhd and three of its directors for breach of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
In addition, the three directors were imposed with total fines of RM50,000.
In a statement, Bursa Malaysia said Jerasia was publicly reprimanded for breach of paragraph 9.19(19)(a)(ii) of the Main LR for failing to make an immediate announcement of the winding-up order dated March 29, 2023 obtained by AmBank (M) Bhd.
'Jerasia only announced the winding-up order on April 12, 2023, after a delay of 10 market days and announced further information of the winding-up order as required by Bursa Malaysia Securities on April 13, 2023.
'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 Malaysia Securities.'
Bursa Malaysia said Jerasia's group managing director Pronob Kumar Sen Gupta was publicly reprimanded and fined RM25,000, while director Datuk Dr Yong Yuan Tan and director and audit committee chairman Arnold Kwan Poon Keong were publicly reprimanded and fined RM12,500 each.
Bursa Malaysia said the three directors at the material time had breached paragraph 16.13(b) of the Main LR for permitting Jerasia to commit the breach.
'The finding of breach and imposition of the above penalties on Jerasia and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breach, impact of the breach to Jerasia and its shareholders/investors, the roles, responsibilities, knowledge, and conduct of the directors.'
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