sebi:SEBI/WTM/SR/EFD-DRA-III/48/08/2017
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Facts / Headnote
Directions issued vide Order dated January 01, 2016 against Noticees Nos. 1 to 10 revoked
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 73
Parties
- Sameerwadi Sugarcane Farmer's Welfare Trust
- Mr. Narsang V. Padhiyar
- Mr. Pandappa R. Channal
- Mr. Balachandra R. Bakshi
- Mr. Veerabhadrappa R. Terdal
- Mr. Prahlad N. Desai
- Godavari Biorefineries Limited
- Mr. Samir S. Somaiya
- Mr. Vinay V. Joshi
- Mr. V. Sivaprakasam
Holding
The Whole Time Member revoked the directions issued by SEBI vide Order dated January 01, 2016 against Noticees Nos. 1 to 10 upon finding they had complied with the winding-up and refund/share-distribution directions.
Full text
Page 2 of 5 “Noticees Nos. 1 to 6 are directed to wind up the existing 'collective investment scheme' and dissolve the Trust, The Noticees shall, jointly and severally, refund to the contributories/beneficiaries the money equivalent to the value of their investment with regard to pro rata shares along with interest at the rate of 10% per annum from the date of investment till the date of refund and after adjusting amount of dividend paid, if any. However, considering the desire of large number of contributories/beneficiaries for pro rata distribution of shares, as mentioned hereinabove, in the interest of such investors, the Noticees are allowed to or to make pro rata distribution of GBL shares to contributories/beneficiaries who give positive consent for such pro rata distribution of shares and also make payment in addition to these shares, The Noticees shall, within fifteen days of this order, issue a public notice, in one vernacular daily having wide circulation in each of the areas from where the contributions have been received providing therein the modalities for refund of investments with interest/distribution of shares, details of contact persons such as names, addresses and contact details, The Trust and its Trustees are directed to refund the unutilized contributions remaining in the corpus of the Trust, if any, and any profit earned thereon, to all the contributories/beneficiaries in proportion to their contribution to the corpus of the Trust, The Noticee
Page 3 of 5 sample basis, some of the documents in connection with the distribution of shares and refunds made by the Noticees, such as:
Page 4 of 5 a) Copy of the Certificate dated December 16, 2016 issued by M/s Desai Saksena & Associates, Chartered Accountants inter alia recording in tabular form, the calculation of arriving at the refund amount (as directed by SEBI in its Order dated January 01, 2016) and the break-up of the payments made by GBL in favour of the contributories/beneficiaries as directed by SEBI etc. b) Copy of the Report dated December 16, 2016 and April 03, 2017 submitted by Registrar and Transfer Agent (RTA) to GBL.
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Source: SecMarx — sebi:SEBI/WTM/SR/EFD-DRA-III/48/08/2017. 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.