sebi:QJA/AN/NRO/NRO/30576/2024-25
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Facts / Headnote
Noticees restrained from accessing securities market for 1 year; Noticee no. 2 additionally restrained from associating with listed/public companies intending to raise money and SEBI-registered intermediaries for 1 year
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 73
- s. 4A
- s. 67
- s. 117B
- s. 117C
- s. 132
Regulations
- Reg. 7
- Reg. 3
- Reg. 16
- Reg. 4(4)
- Reg. 13A(a)
Parties
- Rhine and Raavi Credits and Holdings Limited
- Birendra Kaji
Holding
RRCHL and Mr. Birendra Kaji were restrained from accessing the securities market and dealing in securities for 1 year, and Mr. Birendra Kaji was additionally restrained for 1 year from associating with any listed public company, public company intending to raise money from the public, or SEBI-registered intermediary.
Full text
Final Order in the matter of Rhine and Raavi Credits and Holdings Limited Page 2 of 13 “26…….. SEBI may initiate separate proceedings against Mr. Birendra Kaji for the contravention of SEBI (Debenture Trustees) Regulations, 1993 and Section 117B and 117C of the Companies Act, 1956.”
Final Order in the matter of Rhine and Raavi Credits and Holdings Limited Page 3 of 13 04, 2012, it was observed that the Company had passed a resolution for issuing 1,60,356 NCDs at INR 2,264 each. Accordingly, an amount of INR 36.30 crores has been raised by the Company. From the same, it was observed that the Company had not disclosed the details of all the allottees to whom the NCDs were issued. The details in Form 10 (particulars for registration of charges for debentures) filed by the Company with RoC also confirms that about INR 36.30 crores have been mobilized through the issuance of the NCDs to the investors. It was observed that the Company did not comply with the laws applicable to the public issues, while raising money through the issuance of NCDs. 3.4. From the brochure of the company available on record, the following was noted- 3.4.1. RRCHL issued pre-printed debenture application form in its website in
Final Order in the matter of Rhine and Raavi Credits and Holdings Limited Page 4 of 13 S. No. Package Package Amount Units Maturity in 4 years Maturity in 5 years 11 months 4. R & R 4 Debenture 9056 8 13584 18112 5. R & R 5 Debenture 11320 10 16980 22640 6. R & R 6 Debenture 13584 12 20376 27168 7. R & R 7 Debenture 15848 14 23772 31696
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Source: SecMarx — sebi:QJA/AN/NRO/NRO/30576/2024-25. 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.