sebi:WTM/GM/CFD-IMD/41/2017-18
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Facts / Headnote
Noticee Nos. 1 to 11 held jointly and severally liable to refund money collected through public offer and allotment of equity shares, debentures and preference shares with 15% per annum interest within 180 days, with market access and association restraints until refund complete and for one year thereafter; Noticee Nos. 12 to 14 restrained from acting as debenture trustee for KHFL and from new similar assignments for one year; proceedings against Noticee Nos. 15 and 16 disposed off as deceased.
Provisions invoked
- s. 11B
- s. 11
- s. 12(1)
- s. 81
- s. 62
- s. 27
- s. 55A
- s. 73
- s. 4A
- s. 45
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 24
- s. 2(36)
- s. 60
- s. 42
- s. 35
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 2
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 16(1)
- Reg. 57
- Reg. 4(2)(b)
- Reg. 25
- Reg. 32
- Reg. 5
- Reg. 4(2)(d)
- Reg. 4
- Reg. 36
- Reg. 46
Parties
- Kerala Housing Finance Ltd.
- G. Unnikrishnan Nair
- N. Krishnan Nair
- Komala Unnikrishnan
- G. Sureshkumar
- P. Parameshwaran
- B Ajithkumar
- Shajan P.G.
- S. Sureshkumar
- R Sukumaran
- B. Manmadhan
- K. Jayaprasad
- K. Radhakrishnan
- M/s Bittu Abraham & Associates
- Jose Philip
- V Ayyappan Nair
Holding
The offer and allotment of equity shares, secured redeemable NCDs and redeemable preference shares by Kerala Housing Finance Ltd. were public offers/deemed public offers in violation of prospectus, listing and disclosure requirements, and Noticee Nos. 1 to 11 shall jointly and severally refund the collections with 15% p.a. interest while unregistered debenture trustees violated Section 12(1) of the SEBI Act read with Regulation 7 of the DT Regulations.
Full text
Page 2 of 29 company registered with the National Housing Bank Act, 1987 with effect from April 17, 2006. The Company's registered office is at IInd Floor, Africa Plaza, Pulimood Junction, Thiruvananthapuram - 695001.
Page 3 of 29 (e) The Company failed to formulate Asset Liability Management Policy and Risk Management Policy and did not make necessary disclosure as per the Directions, and (f) The Company failed to submit data to Credit Information Companies (CIC) etc. "
Page 4 of 29 September 30, 2007 - November 14, 2007 180 3,28,525 January 07, 2008- March 31, 2008 300 14,74,125 August 02, 2008- September 30, 2008 104 5,71,575 December 11, 2008 - March 31, 2009 259 14,24,250 June 01, 2009 - June 30, 2009 93 3,33,225 August 31, 2009- November 06, 2009 248 13,88,150 December 10, 2009-March 31, 2010 160 6,72,025 August 06, 2010- October 31, 2010 211 16,61,200 Total 1746 82,10,750
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Source: SecMarx — sebi:WTM/GM/CFD-IMD/41/2017-18. 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.