sebi:WTM/AB/WRO/WRO/7770/2020-21
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Facts / Headnote
Interim directions made final and absolute against all Noticees except Noticee no. 4; Mr. Sanatan Banerjee (Noticee no. 4) held not liable for refund but prohibited from accessing/dealing in securities market for four years from date of order or till completion of refund, whichever is later.
Provisions invoked
- s. 19
- s. 73
- s. 73(2)
Parties
- Ganga Sagar Foods & Beverages India Ltd.
- Gopal Saha
- Sachin Ray
- Narayan Paul
- Sekh Ranjan Ali
- Somnath Santra
- Sanatan Banerjee
- Madhumita Saha
- Ganga Sagar Debenture Trust
Holding
The interim order directions became final and absolute against all Noticees except Noticee no. 4, and Noticee no. 4 Mr. Sanatan Banerjee was prohibited from the securities market for four years or till refund completion, without refund liability.
Full text
Final Order in the matter of Ganga Sagar Foods & Beverages India Ltd. Page 2 of 5 ii. GSFBIL and its Directors, viz. Gopal Saha, Sachin Ray, Narayan Paul, Sekh Ranjan Ali, Somnath Santra and Sanatan Banerjee shall not buy, sell or otherwise deal in the securities market, either directly or indirectly, or associate themselves with any listed company or company intending to raise money from the public. iii. GSFBIL and its above mentioned Directors shall not dispose of or alienate or encumber any of its/their assets or properties nor divert any fund raised from the public through offer and allotment of NCDs without prior permission from SEBI. iv. GSFBIL and its above named directors shall co-operate with SEBI and shall furnish all information/documents in connection with the offer and issuance of securities, including the documents sought earlier. v. Ms. Madhumita Saha, the trustee of Ganga Sagar Debenture Trust shall not henceforth act as debenture trustees in respect of the issuance of NCDs of GSFBIL and shall not take up any new assignment or involve himself in any new issue of securities in a similar capacity. vi. M/s Ganga Sagar Debenture Trust and Ms. Madhumita Saha shall not buy, sell or otherwise deal in the securities market, either directly or indirectly, or associate themselves with any listed company or company intending to raise money from the public.
Final Order in the matter of Ganga Sagar Foods & Beverages India Ltd. Page 3 of 5 norms by the Company would become final and the directions contained in para 2 above would become final and absolute against all the Noticees to the interim
Final Order in the matter of Ganga Sagar Foods & Beverages India Ltd. Page 4 of 5 on the MCA 21 Portal even after passing of the interim order. In fact, it appears that Noticee no. 4 has taken this plea for the first time in these proceedings as an afterthought. Thus, I do not find any merit in the contentions raised by Noticee no. 4 and find that he indeed is the director of GSFBIL since July 17, 2014.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/7770/2020-21. 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.