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Free Malaysia Today
28-05-2025
- Business
- Free Malaysia Today
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.
The Star
26-05-2025
- Business
- The Star
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.'
