sebi:CO/110/IMD/08/2003
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Facts / Headnote
Company, its promoters, directors, managers and persons in charge of business of its schemes debarred from operating in and accessing the capital market for five years
Provisions invoked
- s. 11B
Regulations
- Reg. 73
- Reg. 65
Parties
- Fortuna Agro Plantations Ltd.
- Anup Kr. Agarwal
- Bijay Kr. Agarwal
- Manju Agarwal
- Anju Agarwal
- Sarda Agarwal
- G. Gopal
- D.K. Sehgal
- A. Chatterjee
- Dr. S.N. Ghosal
- D.P. Toshniwal
- Y. Chowdhury
- N. Guha
Holding
The company and its promoters/directors/managers/persons in charge were debarred from operating in and accessing the capital market for five years for failing to comply with SEBI's order dated April 2, 2003 and for violating Regulation 73 of the SEBI (Collective Investment Schemes) Regulations, 1999.
Full text
order would follow, which inter alia included a direction to the company / its promoters / directors / managers / persons in charge of the business of their schemes from being debarred from operating in the capital market for a period of 5 years. The period of one month granted to the company expired on May 2, 2003. I have also noted that the
It is noted from the letter dated May 14, 2003 that no repayments have been made to the investors who have not given their positive consent to continue with the schemes of the company. Instead the company has taken the unilateral decision, as communicated in their said letter, that the bond holders who have not responded shall continue with the scheme without any further risk and responsibility of SEBI. Further the winding up and repayment report is required to be signed by all the directors who have signed the information memorandum. I have perused the copy of the information memorandum enclosed with the letter dated May 14, 2003, and have noted that the same has been signed by three directors of the company whereas the letter dated May 14, 2003 has been signed by only one director of the company. This definitely raises the probability that the consent of all the directors of the company has not been obtained while taking the decision to wind up the schemes of the company or even the manner of winding up of the company.
ANNEXURE Names of Promoters/Directors of Fortuna Agro Plantations Ltd. 1. Anup Kr. Agarwal s/o Lt. Malchand Agarwal 3, Wood Street, 6th Floor Kolkata-700 016
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Source: SecMarx — sebi:CO/110/IMD/08/2003. 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.