SEBI orders forensic audit of JMD Ventures Ltd

Regulator Sebi has ordered a forensic audit of JMD Ventures Ltd (JVL), which figures among 331 ‘suspected shell companies’, after finding prima facie evidence of misuse of the firm’s funds.

JMD Ventures Limited was also known by two different names viz. Avtar Finance and Management Consultants and JMD Telefilms. Some of the directors of this firm have directorships in more than 10 companies.

There have been prima facie evidences that these companies have entered into misuse of funds according to the suspicions of the market regulators.