# SEBI bars Dhenu Buildcon in Rs 1,000 crore roundtripping case 2026-08-19T21:17:35+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet The Securities and Exchange Board of India (SEBI) has barred Dhenu Buildcon Infra Ltd, a former NBFC, and its key promoters Surendra Kumar Jain and Virendra Jain from the capital markets for alleged round tripping of funds. In an interim order released on August 19, SEBI whole time member Kamlesh Chandra Varshney said the transactions constituted a coordinated arrangement involving round tripping and conversion of unsecured loans into equity shares. SEBI alleged that Dhenu Buildcon created a Rs 1,000 crore unsecured loan in its books through 46 transactions over eight days, and then converted about Rs 840 crore of that into equity shares via preferential allotment. This allowed six entities to acquire 99.70% of DBIL's outstanding equity. The order noted that an amount of about Rs 25.05 crore was repeatedly routed through a network and returned to DBIL, with the original source of funds remaining unverified. The six entities that received the shares had no physical existence. The regulator has barred Dhenu Buildcon from taking any direct corporate actions. The two Jain promoters are restrained from the capital markets until further orders. SEBI also directed BSE to suspend trading of two companies that were part of the preferential allotment, and asked BSE and MSE to take action against 13 other firms mentioned in the order that had no physical existence. ## Indian Opinion Analysis The case mirrors earlier SEBI actions against shell companies used to inflate balance sheets and launder money through preferential allotments. The key regulatory question is whether the six non-existent entities were front names for the promoters themselves. SEBI's interim order is a stop-gap, a final order will follow after the noticees respond. If the charges hold, the Jains face permanent debarment and potential criminal referral. Investors holding DBIL shares before the freeze should watch for the final SEBI order and any subsequent recovery proceedings. ## Coverage - thehindu.com Straight factual report of SEBI order with no editorial framing or commentary. This story was synthesised by AI from the source linked above. Tags: BSE, Dhenu Buildcon, SEBI, Surendra Kumar Jain Canonical: https://indianopinion.org/sebi-bars-dhenu-buildcon-in-rs-1000-crore-roundtripping-case/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/sebi-bars-dhenu-buildcon-in-rs-1000-crore-roundtripping-case/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes. How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/