sebi:CO/397/CIS/12/2002
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Facts / Headnote
Debarred the company / its promoters / its directors / its managers / persons in charge of the business of its schemes from operating in the capital market and from accessing the capital market for a period of 5 years from the date of receipt of the order
Provisions invoked
- s. 11B
Regulations
- Reg. 73
- Reg. 65
Parties
- V G Santhosam
- V G Selvaraj
- V G P Ravidas
- V G P Rajadas
- V G P Babudas
- Shri M Ezhil Arasan
- Shri C Lawrence
- Shri Amalnathan
- Shri Boobalan
- Shri Radhakrishnan
- Shri M G Ravichandran
- Shri S Murugesan
- Shri V S Migavel
- Shri A P Sathiyanesan
- Shri K Steephen
- Shri M Muthukrishnan
- Shri S Velusamy
Holding
The company, its promoters, directors, managers and persons in charge of its schemes were debarred from operating in and accessing the capital market for 5 years for failing to wind up schemes and repay investors after rejection of registration application.
Full text
(hereinafter referred as the Regulations). However, the said application was rejected as withdrawn. This rejection of the application was communicated to the company by SEBI vide its letter dated 12.02.2002 wherein the company was advised that as the application of the company has been rejected it was required to wind up its existing scheme(s) and make repayment to the investors in terms of Regulation 73 of the Regulations. Accordingly, the company was required to send an Information Memorandum to the investors, who had subscribed to its scheme(s), within two months from the date of receipt of the intimation from SEBI. Further, on completion of the winding up and repayment to the investors in terms of Regulation 73, the company was required to file a ‘Winding up and Repayment Report’ in the format prescribed by SEBI so as to reach SEBI within 3½ months of the date of the Information Memorandum. As the company failed to comply with the aforesaid provisions, I, in exercise of powers conferred upon me under Section 11B of the SEBI Act read with the Regulation 65 of the Regulations, vide my
This is without prejudice to SEBI’s right to take any other action as it may deem fit. Place: Mumbai9; Date: 3rd December, 02 G.N. Bajpai Chairman Securities and Exchange Board of India V G Santhosam, No.52,VGP Salai, Saidapet, Chennai 600 015. V G Selvaraj, No.52,VGP Salai, Saidapet, Chennai 600 015. V G P Ravidas, No.52, VGP Salai, Saidapet, Chennai 600 015. V G P Rajadas, NO.52,VGP Salai, Saidapet, Chennai 600 015. V G P Babudas, NO.52,VGP Salai, Saidapet, Chennai 600 015. Names of managers/persons in-charge of business of schemes: Shri M Ezhil Arasan, Personnel Manager Shri C Lawrence, marketing manager Shri Amalnathan, Customer Service Shri Boobalan, Accountant Shri Radhakrishnan, Farm Executive Shri M G Ravichandran, Surveyor • • • • • • • • • • • • • • • 1. 2. 3. 4. 5. 6.
Shri S Murugesan, Document Co ordinator Shri V S Migavel, Land Purchase Officer Shri A P Sathiyanesan, Senior Farm executive Shri K Steephen, Farm Supervisor Shri M Muthukrishnan, Farm Supervisor SHri S Velusamy, Farm Supervisor Names of Promoters/Directors: 7. 8. 9. 10. 11. 12.
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Source: SecMarx — sebi:CO/397/CIS/12/2002. 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.