sebi:RA/DPS/96-100/2017
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Facts / Headnote
Liability found; total penalty of Rs 2,00,00,000 imposed jointly and/or severally
Provisions invoked
- s. 11
- s. 24
- s. 15
- s. 15H
- s. 15J
- s. 15A
- s. 15F
- s. 28A
- s. 15D
- s. 2(51)
- s. 149
- s. 2(60)
Regulations
- Reg. 65
Parties
- M/s Ramel Industries Ltd.
- Shri Rameswar Podder
- Shri Remendra Mohan Sarkar
- Shri Sukanta Deb
- Shri Partha Das
Holding
The Adjudicating Officer held that Ramel Industries Ltd. and its four directors failed to comply with the WTM Order No. WTM/PS/19/ERO/CIS/JULY/2014 dated July 11, 2014 to wind up CIS and refund investors and carried on as an unregistered CIS. A total penalty of Rs 2,00,00,000 (Rs 1,00,00,000 under section 15D and Rs 1,00,00,000 under section 15HB) was imposed upon Noticee No. 1 to 5 jointly and/or severally.
Full text
Adjudication Order in the matter of Ramel Industries Ltd Page 2 of 18 Industries Ltd., (2) Shri Rameswar Podder, (3) Shri Remendra Mohan Sarkar, (4) Shri Sukanta Deb and (5) Shri Partha Das (hereinafter referred to as ‘the Noticee No. 1 to 5 respectively or all may be referred to as “the Noticees” collectively’). The Noticee No. 1 (being a company), Noticee No. 2 – 5 (Directors) of the Noticee No. 1 / Ramel Industries Ltd were alleged to have not complied with the directions issued under SEBI
Adjudication Order in the matter of Ramel Industries Ltd Page 3 of 18 5. The Whole Time Member of the SEBI under section 11, 11(4) and 11B of the SEBI Act read with regulation 65 of the CIS Regulations had passed an Order No. WTM/PS/19/ERO/CIS/JULY/2014 dated July 11, 2014 against the Noticee (s) with following directions having immediate effect;
Adjudication Order in the matter of Ramel Industries Ltd Page 4 of 18 6. Ramel Industries Limited is restrained from accessing the securities market and is prohibited from buying, selling or otherwise dealing in securities market till all its collective investment schemes are wound up and monies mobilized under such schemes are refunded to its investors, as directed above.
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Source: SecMarx — sebi:RA/DPS/96-100/2017. 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.