Description
SEBI issues prohibitory orders for recovery certificates No.4698/2022, 6591/2023 & 7913/2024 against Nina Ajay Maloo and Ajay Sureshchandra Maloo in the matter of Timbor Home Limited.
Summary
SEBI has issued a prohibitory order for compliance concerning three recovery certificates (No.4698 of 2022, 6591 of 2023, and 7913 of 2024) against Nina Ajay Maloo and Ajay Sureshchandra Maloo in connection with the matter of Timbor Home Limited. This enforcement action indicates ongoing recovery proceedings for outstanding amounts owed to SEBI.
Key Points
- Multiple recovery certificates issued spanning 2022-2024
- Order targets two individuals: Nina Ajay Maloo and Ajay Sureshchandra Maloo
- Matter relates to Timbor Home Limited
- Prohibitory order issued for compliance with recovery certificates
- Part of SEBI’s enforcement and recovery proceedings
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing SEBI recovery and compliance framework.
Compliance Requirements
- Nina Ajay Maloo and Ajay Sureshchandra Maloo must comply with the recovery certificate obligations
- Payment of outstanding amounts as specified in recovery certificates No.4698/2022, 6591/2023, and 7913/2024
- Adherence to prohibitory orders issued by SEBI
- Entities associated with the named individuals should ensure compliance with SEBI directives
Important Dates
- Recovery Certificate No.4698: Issued in 2022
- Recovery Certificate No.6591: Issued in 2023
- Recovery Certificate No.7913: Issued in 2024
- Order Publication Date: February 2, 2026
Impact Assessment
This order has specific impact on the named individuals and entities connected to Timbor Home Limited. The issuance of multiple recovery certificates over three consecutive years indicates persistent non-compliance or outstanding financial obligations. Market participants should note this enforcement action as part of SEBI’s ongoing efforts to ensure regulatory compliance and recover dues. The prohibitory nature of the order suggests restrictions on certain activities until compliance is achieved.
Impact Justification
High severity due to multiple recovery certificates and prohibitory orders against individuals, indicating serious compliance violations; medium market impact as it affects specific entities rather than broader market participants