sebi:QJA/AA/ERO/ERO/30712/2024-25
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Facts / Headnote
Noticee held liable; directed to refund money to investors with interest at 15% per annum and barred from securities market for four years or till refund, whichever is later
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11(1)
- s. 27
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 58
- s. 56
- s. 73(2)
- s. 465
- s. 11(2)
- s. 2(36)
- s. 60
- s. 29
- s. 313
- s. 05
Regulations
- Reg. 7
- Reg. 200
- Reg. 4(2)
- Reg. 25
- Reg. 6
- Reg. 5
- Reg. 3
- Reg. 59
- Reg. 36
- Reg. 57
- Reg. 46
- Reg. 301
- Reg. 47
Parties
- Sunil Kumar Panda
Holding
The Noticee, Sunil Kumar Panda, was held liable for the issue and transfer of SOCDs by Green India Infra Projects Limited in FY 2010-2011, which were allotted to 616 persons in violation of the Companies Act, 1956 and ICDR Regulations, and was directed to refund money to investors with 15% interest and barred from the securities market for four years or till refund, whichever is later.
Full text
Order in the matter of In the matter of Green India Infra Projects Limited Page 2 of 34 3. After considering the interim order, the replies/ written submissions and the material available on record, a final order dated October 28, 2016 (hereinafter referred to as “Final Order”) was passed by SEBI, inter alia, observing that the issue and transfer of SOCDs were a sham and façade to circumvent the applicable provisions of law and that the company allotted SOCDs to 616 persons in the financial year 2010-2011 in violation of the provisions of law regulating such public issues i.e. Section 56, 60 read with Section 2(36) and 73 of the Companies Act, 1956 and Regulations 3, 4(2), 5, 6, 7, 25, 26, 36, 37, 46, 47, 57 and 59 of the ICDR Regulations.
Order in the matter of In the matter of Green India Infra Projects Limited Page 3 of 34 March 18, 2024. I note that the following documents were enclosed as annexures along with the SCN: Table 1 Annexures to SCN Annex. No. Particulars 1. Ex-Parte interim order cum Show Cause Notice dated March 04, 2015
Order in the matter of In the matter of Green India Infra Projects Limited Page 4 of 34 II. Reply, Inspection and Hearing
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Source: SecMarx — sebi:QJA/AA/ERO/ERO/30712/2024-25. 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.