sebi:CO/398/CIS/12/2002
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Facts / Headnote
Company, its promoters, directors, managers and persons in charge of its schemes debarred from operating in and accessing the capital market for 5 years
Provisions invoked
- s. 11B
Regulations
- Reg. 73
- Reg. 65
Parties
- VGP Evergreen Plantations Ltd.
- V G Santhosam
- V G Selvaraj
- V G P Ravidas
- V G P Rajadas
- V G P Babudas
- V G P Prasadas
- V G S Rajesh
- Nivruti S Shinde
- R Samuel
- Dr Arumugam
- Dr Kesav Reddy
- Shri S Padmanabhan
- Shri S Kannan
- Shri Arul Raj
- Shri A Murugesan
- Shri R Kumaresan
- Shri Manikandan
- Shri Suresh
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 from receipt of the order for failure to refund investors as directed on 31.08.2002.
Full text
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 Regulations, vide my order dated 31.08.2002 directed the company to refund the money collected under their scheme(s) with return which is due to the investors in terms of the offer within a period of one month from the date of the order. Vide said directions the company was forewarned that in case of non compliance various actions mentioned in the said order would follow. The company however, has failed to comply with the aforesaid
Annexure Names of Promoters/Directors: (a) V G Santhosam, No.52, VGP Salai, Saidapet, Chennai 600 015. (b) V G Selvaraj, No.52, VGP Salai, Saidapet, Chennai 600 015. (c) V G P Ravidas, No.52,VGP Salai, Saidapet Chennai 600 015. (d) V G P Rajadas, NO.52, VGP Salai, Saidapet, Chennai 600 015. (e) V G P Babudas, NO.52, VGP Salai, Saidapet Chennai 600 015. (f) V G P Prasadas, NO.52,VGP Salai, Saidapet, Chennai 600 015. (g) V G S Rajesh, NO.52, VGP Salai, Saidapet, Chennai 600 015. (h ) Nivruti S Shinde) - Independent director (i) R Samuel - Independent director Names of managers/persons in-charge of business of schemes: Dr Arumugam, Project Co ordinator Dr Kesav Reddy, Consultant Shri S Padmanabhan, Administrative Officer Shri S Kannan, Accountant Shri Arul Raj, Project Manager Shri A Murugesan, farm executive Shri R Kumaresan, farm Supervisor Shri Manikandan, farm Supervisor Shri Suresh, Project In charge 1. 2. 3. 4. 5. 6. 7. 8. 9.
1. Dr Arumugam, Project Co ordinator 2. Dr Kesav Reddy, Consultant directions and has not repaid to the investors in terms of the said directions. Now, therefore, in terms of the directions dated 31.08.2002 and in exercise of powers conferred upon me under Section 11B of SEBI Act, 1992, read with Regulation 65 of the Regulations, I hereby debar the company / its promoters / its directors / its managers / persons in charge of the business of its schemes (whose names are mentioned in the Annexure) from operating in the capital market and from accessing the capital market for a period of 5 years from the date of receipt of this order. This is without prejudice to SEBI’s right to take any other action as it may deem fit. G.N. Bajpai Chairman Securities and Exchange Board of India Place: Mumbai Date: 3rd December, 02
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Source: SecMarx — sebi:CO/398/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.