sebi:AO/SKS/NR/AO-1/2018
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Facts / Headnote
Monetary penalty of Rs. 1 crore imposed jointly and severally on all Noticees under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
Parties
- M/s Rhine and Raavi Credits & Holdings Limited
- Mr. Rakesh Gupta
- Mr. Birendra Kaji
- Mr. Surendra Kumar
Holding
The Adjudicating Officer held that the Noticees failed to comply with SEBI's final order dated March 27, 2015 to refund investors and imposed a joint and several monetary penalty of Rs. 1,00,00,000 under Section 15HB of the SEBI Act.
Full text
Adjudication order in the matter of Rhine and Raavi Credits & Holdings Limited Page 2 of 9 interim order') against the Company and its promoters and directors including Mr. Gurpreetesh Singh Maini, Mr. Tridivesh Singh Maini, Ms. Jyoti Maini, Mr. Jivtesh Singh Maini, Mr. Rakesh Gupta, Mr. Birendra Kaji and Mr. Surendra Kumar, directing them not to collect any money from the investors.
Adjudication order in the matter of Rhine and Raavi Credits & Holdings Limited Page 3 of 9 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication order in the matter of Rhine and Raavi Credits & Holdings Limited Page 4 of 9 8. Thereafter, the SCN was served by affixture on the last known address on 03/11/2016 to Noticees no. 1 and 2 and on 28/01/2018 to Noticee no. 4. However, no response was received from any of the Noticees. Thereafter, public announcement was also made in one English daily and one Hindi daily in Patna and Delhi on February 2, 2018 advising the Noticees to collect the copy of the SCN from SEBI-Northern Regional Office within 7 days of publication of the notice and submit their replies within 14 days thereafter. However, even after considerable lapse of time, the Noticees failed to reply to the SCN.
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Source: SecMarx — sebi:AO/SKS/NR/AO-1/2018. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.