sebi:WTM/AB/EFD-1/DRA-I/31/2019-20
Facts / Headnote
Representation dated October 09, 2019 disposed of with clarification that direction in paragraph 25(a) of final order dated May 10, 2019 is not required and debarment under paragraph 25(b) ends at expiry of six months from May 10, 2019; all other directions of May 10, 2019 remain intact.
Regulations relied on
- SEBI (LODR) Regulations, 2015 — 18(1)(b)
- SEBI (LODR) Regulations, 2015 — 19(1)(c)
- SEBI (LODR) Regulations, 2015 — 6(1)
Parties
- Ritman Infra Limited
- Mr. Parag Majumdar
- Mrs. Falguni Majumdar
- Mr. Dinesh Majumdar
- Mrs. Pushpa Majumdar
- Mrs. Lipika Ray
- Mr. Saibal Bhattacharjee
- Mr. Dibyendu Sarkar
Holding
The direction in paragraph 25(a) of the final order dated May 10, 2019 is not required as the Company complied with Regulation 6(1) and Regulations 18 and 19 are not applicable to it, and consequently the debarment under paragraph 25(b) ends at the end of six months from May 10, 2019 with other directions remaining intact.
Full text
Order in the matter of Ritman Infra Limited Page 2 of 5 prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, for a period of six months from the date of this Order. This period of six months shall get extended till the date of compliance of direction given in para 25(a) above. c. 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) and Mr. Dibyendu Sarkar (Noticee No. 8) are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, for a period of six months from the date of this Order. d. In terms of observations made in para 21 above, the SCN dated September 10, 2018 issued to Mr. Saibal Bhattacharjee (Noticee No. 7) is disposed of without any directions and the restraint imposed on him vide Interim Order dated October 13, 2017 and the Confirmatory Order April 25, 2018 are vacated with immediate effect.”
Order in the matter of Ritman Infra Limited Page 3 of 5 representation dated October 09, 2019 before SEBI stating that it has already complied with Regulations 6(1), 18(1) and 19(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “LODR Regulations”) by appointing a Company Secretary on October 06, 2018 and that since the Company has a paid up capital of Rs. 3.19 Crore and net worth of Rs. 3.68 crore, the provisions of Regulations 18 and 19 of LODR Regulations are not applicable to the Company.
Order in the matter of Ritman Infra Limited Page 4 of 5 terms of reference, subject to the following: (a) The audit committee shall have minimum three directors as members. (b)Two-thirds of the members of audit committee shall be independent directors. ………………………………. Nomination and remuneration committee. 19.(1) The board of directors shall constitute the nomination and remuneration committee as follows: (a) the committee shall comprise of at least three directors; (b) all directors of the committee shall be non-executive directors; and (c) at least fifty percent of the directors shall be independent directors. ……………………………….....”
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-I/31/2019-20. 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.