sebi:WTM/AB/EFD-1/DRA-1/05/2019-20
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Facts / Headnote
Ritman Infra directed to comply with Regulations 6(1), 18(1)(b) and 19(1)(c) within six months; Ritman Infra, Noticee Nos. 2-6 and 8 restrained from securities market for six months; SCN against Noticee No. 7 disposed without directions and prior restraints vacated
Provisions invoked
- s. 19
- s. 12A
- s. 12
- s. 21
- s. 11(2)
- s. 133
- s. 129
- s. 129(1)
- s. 129(5)
- s. 129(7)
- s. 132(2)
- s. 132(1)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(b)
- Reg. 103
- Reg. 4(2)(f)
- Reg. 4(1)(a)
- Reg. 6(1)
- Reg. 48
- Reg. 4(2)(f)(i)
- Reg. 33(2)(a)
Parties
- Ritman Infra Limited (Noticee No. 1)
- Mr. Parag Majumdar (Noticee No. 2)
- Mrs. Falguni Majumdar (Noticee No. 3)
- Mr. Dinesh Majumdar (Noticee No. 4)
- Mrs. Pushpa Majumdar (Noticee No. 5)
- Mrs. Lipika Ray (Noticee No. 6)
- Mr. Saibal Bhattacharjee (Noticee No. 7)
- Mr. Dibyendu Sarkar (Noticee No. 8)
Holding
SEBI held Ritman Infra, its directors (Noticee Nos. 2-6) and CFO (Noticee No. 8) violated LODR accounting-standard and governance provisions and restrained them from the securities market for six months, while dropping PFUTP, Section 11(2)(i)/(ia) and erstwhile listing agreement charges and exonerating independent director Noticee No. 7.
Full text
Order in the matter of Ritman Infra Limited Page 2 of 18 2. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) vide Interim Order dated October 13, 2017 (hereinafter referred to as “Interim Order”), inter alia directed the promoters and directors of the Ritman not to sell the shares of the company till further orders and also directed the MSEI to appoint an independent auditor to conduct forensic audit of Ritman. These directions were subsequently confirmed vide SEBI’s Confirmatory Order dated April 25, 2018.
Order in the matter of Ritman Infra Limited Page 3 of 18 11(1), 11(4), 11A and 11B of the SEBI Act, 1992 and Section 12A of SCRA should not be passed against them.
Order in the matter of Ritman Infra Limited Page 4 of 18 It is observed that the Noticee No. 1 has failed to furnish the details like the financial statements of all the companies in which it had made investment during aforesaid period except one Ritman Stara Chem Sdn Bhd (incorporated in Malaysia) for only F.Y. 2015-
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-1/05/2019-20. 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.