sebi:Order/MC/VS/2021-22/15180-15182
Facts / Headnote
Violation of Sections 11C(3) and 11C(5) established against Noticees 1 and 2 with penalty of Rs. 1,00,000 each; no violation/penalty established against Noticee 3
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15I
- s. 73
- s. 15J
- s. 11C
- s. 73(2)
Parties
- Prasun Mondal
- Sanjoy Chowhan
- Ajit Kumar Routh
Holding
Noticees 1 (Prasun Mondal) and 2 (Sanjoy Chowhan) violated Sections 11C(3) and 11C(5) of the SEBI Act by failing to comply with summons dated January 09, 2015 and were each liable to Rs. 1,00,000 penalty under Section 15A(a); the allegation was not established against Noticee 3 (Ajit Kumar Routh).
Full text
Adjudication Order in respect of Prasun Mandal and 2 others in the matter of URO Agro India Ltd. Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Prasun Mandal and 2 others in the matter of URO Agro India Ltd. Page 3 of 14 amounting to Rs. 5,00,000/- were issued to five persons. However, on checking it was observed that there were few complaints received from investors other than the aforesaid five persons shown by the company. SEBI received many complaints where copies of debenture certificates issued by the Company were also enclosed. A physical counting of the same and the detailed analysis of those complaints revealed that the company had issued secured redeemable debentures to more than 49 persons. The details are given as follows:- Financial Year No. of allottees Amount (Rs.) 2011-12 39* 22,37,000* 2012-13 81 40,29,000 2013-14 11 11,41,000 Total 131 approx.** 74,07,000** approx..
Adjudication Order in respect of Prasun Mandal and 2 others in the matter of URO Agro India Ltd. Page 4 of 14 physical verification of the registered office address of the Company revealed that the Company was not available at its address on record.
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