sebi:WTM/AB/EFD-1/DRA-IV/14/2020-21
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Facts / Headnote
Held FY 2006-07 NCD issue a deemed public issue in violation of Companies Act and DIP Guidelines; directed SRAIL, Aslam Sayeed and Amritendu Bhattacharyya to jointly and severally refund Rs. 90,14,000 with 15% p.a. interest within 180 days, cease fresh mobilization, not dispose/alienate/encumber assets or divert funds, furnish asset inventory within 21 days, and debarred them from securities market and from associating with listed/public fundraising companies/SEBI intermediaries for 3 years from completion of refund.
Provisions invoked
- s. 11B
- s. 11A
- s. 11
- s. 11(4)
- s. 19
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 58
- s. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 60(1)
Parties
- Siya-Ram Agro Industries Ltd
- Aslam Sayeed
- Amritendu Bhattacharyya
Holding
SRAIL's FY 2006-07 offer of 9,010 NCDs to at least 130 investors was a deemed public issue violating Sections 56, 60 and 73 read with Section 67 of the Companies Act, 1956 and the SEBI (Disclosure and Investor Protection) Guidelines, 2000. SRAIL with directors Aslam Sayeed and Amritendu Bhattacharyya were directed to jointly and severally refund the collection with 15% interest and were restrained from the securities market.
Full text
Final Order in the matter of Siya-Ram Agro Industries Ltd Page 2 of 16 Issued in FY No. of certificates issued as per the certificates attached by the complainants No. of Debentures as per the certificates attached by the complainants Maturity value of debentures as per the certificates attached by the complainants FY 2006-07 157 9,010 90,14,000
Final Order in the matter of Siya-Ram Agro Industries Ltd Page 3 of 16 c) Subrata Kumar Das (DIN 02161768/PAN ANYPD2233K) appointed as director on 03/06/2008.
Final Order in the matter of Siya-Ram Agro Industries Ltd Page 4 of 16 the copies of Debenture certificate annexed along with the said complaints that Noticee no.1 has issued NCDs to more than 49 persons.
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-IV/14/2020-21. 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.