sebi:WTM/AB/EFD-1/DRA-4/24/2020-21
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Facts / Headnote
Directions proposed in para 25 of interim order issued against Shri Manoranjan Roy with immediate effect: shall not mobilize fresh funds via offer/allotment of securities to public directly or indirectly, and shall be refrained/prohibited from accessing securities market and buying, selling or otherwise dealing in securities directly or indirectly for a period of four years from date of completion of refund to all allottees of debentures of LRN Finance Ltd.
Provisions invoked
- s. 73
- s. 406
Parties
- Shri Manoranjan Roy
Holding
SEBI held Shri Manoranjan Roy, as managing director of LRN Finance Ltd. from February 10, 2011 to August 27, 2013, responsible for LRN's illegal public issue of NCDs during 2012-13 to 2014-15 and imposed 4-year securities market prohibition and ban on mobilizing fresh funds.
Full text
Final order against Shri Manoranjan Roy – LRN Finance Ltd. Page 2 of 9 proceedings against the Noticees at this juncture. Accordingly, I direct the Noticee company i.e. LRN and its Noticee Directors to ensure refund to all the NCD holders through the process being carried out by DEO, Kolkata.
Final order against Shri Manoranjan Roy – LRN Finance Ltd. Page 3 of 9 appropriate enforcement action under SEBI Act including Prosecution in addition to making a suitable reference to State Government/Local Police against the Noticees.”
Final order against Shri Manoranjan Roy – LRN Finance Ltd. Page 4 of 9 dated 21st July, 2019, namely, the confirmatory order, does not apply to the appellant and only applies to the other noticees. In view of the aforesaid, the appeal is disposed of with no order as to costs. 6………………….”
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-4/24/2020-21. 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.