sebi:WTM/ASB/DDHS/DDHS-SEC-1/21670/2022-23
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Facts / Headnote
Company and surviving directors directed to refund money collected through NCRPS as crystallised at Table-7 with 15% per annum interest from date of collection till payment, latest by January 05, 2023.
Provisions invoked
- s. 73
- s. 28A
- s. 4A
- s. 166
- s. 67(3)
- s. 67
- s. 28
- s. 56
- s. 73(2)
- s. 60
- s. 42
- s. 26
- s. 40
- s. 167
- s. 73(3)
- s. 62
- s. 26(1)
Regulations
- Reg. 13
- Reg. 15
- Reg. 16
- Reg. 22
- Reg. 7
- Reg. 8
- Reg. 6
- Reg. 5
- Reg. 4(5)
- Reg. 4(2)(a)
- Reg. 4(2)(b)
- Reg. 4(2)(c)
- Reg. 9
- Reg. 4(2)(d)
- Reg. 16B
Holding
The Company made deemed public issues of NCRPS to 5696 investors raising INR 17.10 crore during FYs 2010-11 to 2014-15 without complying with public-issue requirements, and the Company and its directors are jointly and severally liable to refund the amounts with 15% interest by January 05, 2023.
Full text
Final Order in the Matter of Sitaram Maharaj Sakhar Karkhana (Khardi) Limited Page 2 of 35 10. Shahaji Namdeo Shendge 03103151 CUWPS2796B
Final Order in the Matter of Sitaram Maharaj Sakhar Karkhana (Khardi) Limited Page 3 of 35 Table – 1 Financial Year No of Allottees Amount Raised (in crore) 2002-03 7 0.03 2010-11 201 1.18 2011-12 280 0.59 2012-13 1412 4.25 2013-14 3051 9.66 2014-15 0 0.00 2015-16 1 8.72 Total 4952 24.41 1.3. The information as provided by the ROC-Pune is as under: Table – 2 Financial Year No of Allottees Amount Raised (in crore) 2009-10 43 0.86 2010-11 158 0.31 2011-12 280 0.59 2012-13 1648 4.95 2013-14 2303 7.75 2014-15 516 0.73 Total 4948 15.20
Final Order in the Matter of Sitaram Maharaj Sakhar Karkhana (Khardi) Limited Page 4 of 35 1.4. The comparison of the information received from the ROC-Pune and the Company indicated difference in the data pertaining to the number of allottees and the amount raised. Specifically, in 2014-15, the Company claimed that it had not raised any capital through the issuance of NCRPS. However, the data from the ROC-Pune indicated that the Company had raised INR 0.73 crore from 516 allottees. 1.5. At the conclusion of the said examination, considering SMSKL was the ultimate source for both the aforesaid two sets of data (i.e. the one received from the RoC-Pune and the Company), the following number of investors and amount raised during the financial years were arrived at: Table – 3 Financial Year No of Allottees Amount Raised (in INR crore) 2010-11 201 1.18 2011-12 280 0.59 2012-13 1648 4.95 2013-14 3051 9.66 2014-15 516 0.73 Total 5696 17.10
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Source: SecMarx — sebi:WTM/ASB/DDHS/DDHS-SEC-1/21670/2022-23. 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.