sebi:QJA/MN/ERO/ERO/31577/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established; SAPL and Shri Bhola Prasad Vishwakarma held jointly and severally liable to refund amounts collected with interest; Sarvoday Debenture Trust, Sarvoday 2012 Debenture Trust and their trustees held liable for acting as debenture trustees without registration.
Provisions invoked
- s. 19
- s. 12(1)
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 465
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 56(1)
- s. 56(3)
- s. 168(2)
- s. 67(2)
- s. 56(4)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 12
- Reg. 8
- Reg. 14
- Reg. 4(4)
- Reg. 2(e)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 107
- Reg. 4(2)(b)
- Reg. 59
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Holding
SAPL's issue of NCDs to 3,622 allottees raising Rs. 4,67,57,500 was a deemed public issue in violation of prospectus, listing and refund requirements, rendering SAPL and its Managing Director jointly and severally liable to refund with 15% interest, and the debenture trusts/trustees liable for acting without SEBI registration.
Full text
Order in the matter of Sarvoday Agro Power Limited P a g e 2 | 34 BACKGROUND AND FACTS OF THE CASE 1. Sarvodaya Agro Power Limited (‘SAPL’ or ‘Company’ or ‘Noticee No.1’) is an unlisted public company which was incorporated on July 02, 2007 with CIN U45400WB2007PLC116883. As per Ministry of Corporate Affairs’ (‘MCA’) website, the registered office of the Company is at 8, Biplabi U. K. Dutta Road, Kolkata, West Bengal – 700086.
Order in the matter of Sarvoday Agro Power Limited P a g e 3 | 34 Prasad Vishwakarma, Shri Kalipad Rajak, Shri Santosh Kumar Pathak, Shri Jitendra Kumar Choudhary, Shri Sanjeev Kumar Vishwakarma, Shri Mantosh Pathak, Shri Mritunjay Gorai, Shri Dulal Maity, Shri Tarun Chatterjee, Shri Ranbir Singh, Shri Nilkanth Mahato, Shri Ashok Kumar Golder, Shri Hiralal Ravidas and Sarvoday Debenture Trust (known as Moral Debenture Trust) (represented by trustees viz. Shri Sambhunath Tewary, Shri Anil Kumar Gupta) , Shri Sambhunath Tewary, Shri Anil Kumar Gupta, Sarvoday 2012 Debenture Trust (represented by trustees viz. Shri Gobind Prasad Gupta ) and Shri Gobind Prasad Gupta (‘Noticees’) calling upon them to show cause as to why suitable directions under Sections 11(1) and 11B(1) of the SEBI Act including direction to refund monies collected from the investors through the offer of NCDs and direction for restraint and prohibition from accessing the securities market should not be issued against them for the alleged violations. The following are the crux of the allegations in the said SCN: 5.1. SAPL issued NCDs to more than 49 persons in FY 2010-11, 2011-12 and 2012- 13 by inviting applications from the general public and raised ₹ 4,67,57,500/- without filing of any prospectus in connection with the issue of securities. Further, SAPL neither got the NCDs listed with any of the recognized stock exchanges nor refund the money collected from investors. 5.2. Debenture Trustees, i.e. Sarvoday De
Order in the matter of Sarvoday Agro Power Limited P a g e 4 | 34 Act 2013 and Regulations 4(2)(a), 4(2)(b), 4(2)(c), 4(2)(d), 4(4), 5 (2)(b), 6, 7, 8, 9, 12, 14, 15, 19 and 26 of ILDS Regulations read with Regulation 59 of SEBI (Issue and Listing of Non-Convertible Securities) regulations, 2021 (‘ILNS Regulations’). Further, Noticee No. 16 to 20 have violated Section 12(1) of the SEBI Act read with Regulation 7 of the DT Regulations.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:QJA/MN/ERO/ERO/31577/2025-26. 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.