KUALA LUMPUR: Bursa Malaysia Securities Bhd has issued a public reprimand against Jerasia Capital Bhd (in liquidation) and fined three of its directors a total of RM50,000 for failing to make a timely announcement regarding a winding-up order.
The exchange stated that Jerasia breached the Main Market Listing Requirements (Main LR) by not immediately disclosing the winding-up order dated 29 March 2023, which was obtained by AmBank (M) Bhd. The announcement was only made on 12 April 2023—ten market days later—with further information released on 13 April 2023, as required by Bursa Malaysia.
Despite Jerasia being de-listed from the official list of Bursa Malaysia on 24 August 2023, the breach was committed while it was still listed, the exchange said.
Fines were levied against the group’s managing director Pronob Kumar Sen Gupta (RM25,000), non-independent non-executive director Datuk Dr Yong Yuan Tan (RM12,500), and independent non-executive director and audit committee chairman Arnold Kwan Poon Keong (RM12,500).
The exchange noted that the finding of breach and the imposition of penalties were made under paragraph 16.19 of the Main LR, following due process and after taking into account the materiality and impact of the breach, as well as the directors’ roles, responsibilities, knowledge, and conduct.
Bursa Malaysia underscored the seriousness of the matter, stating that the obligation to immediately disclose a winding-up order—which could affect shareholder interests and trigger de-listing under paragraph 16.11(2)(d)(ii) of the Main LR—was critical to ensuring informed investment decisions.
-Bernama
