sebi:WTM/GM/EFD/28/2018-19
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Facts / Headnote
Directions issued: joint and several refund of principal with 15% interest within 90 days; market access restrictions on company and directors; debenture trustees restrained from acting as such; restrictions on Prakash Chandra Panda for one year.
Provisions invoked
- s. 12(1)
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 117B
- s. 73(2)
- s. 73(1)
Regulations
- Reg. 7
- Reg. 4(2)
Parties
- Asoka Life Science Ltd.
- Sourav Roy
- Simanta Roy
- Priyanka Roy
- Antara Mukherjee
- Prakash Chandra Panda
- Dilip Mukherjee
- Soumen Chatterjee
Holding
ALSL and its directors Sourav Roy, Simanta Roy, Priyanka Roy and Antara Mukherjee are jointly and severally liable to refund money collected through RPS and NCDs with 15% interest per annum within 90 days, and Dilip Mukherjee and Soumen Chatterjee violated Section 12(1) of the SEBI Act by acting as unregistered debenture trustees.
Full text
Order in the matter of Asoka Life Science Ltd. Page 2 of 14 SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 with effect from August 26, 2009, and several provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulations). It was also prima facie found that Dilip Mukherjee and Soumen Chatterjee acted as unregistered Debenture Trustee in contravention of the provisions of section 12(1) of the Securities and Exchange Board of India Act, 1992 (SEBI Act) read with regulation 7 of SEBI (Debenture Trustees) Regulations, 1993 (Debenture Trustees Regulations). In view of this, the interim order, interalia, restrained ALSL and its directors from mobilising funds from the public through offer and issue of NCDs or any other securities and restrained the Debenture Trustees from continuing with their assignment. The company and its directors were also required to show cause as to why direction to jointly and severally refund the money collected through the issue of NCDs and RPS to the public along with interest and other appropriate directions be not passed against them. The debenture trustees were also advised to file their reply.
Order in the matter of Asoka Life Science Ltd. Page 3 of 14 ii. Simanta Roy, Sourav Roy, Priyanka Roy, Prakash Chandra Panda and Antara Mukherjee are/were Director in ALSL.
Order in the matter of Asoka Life Science Ltd. Page 4 of 14 and the same was intimated to the Noticees vide notice dated January 27, 2017. Three entities appeared for hearing. Simanta Roy was represented by Advocate Dwaipayan Basu Mallick. He requested for seven days’ time to file the reply. However, no reply has been filed. Prakash Chand Panda and Soumen Chatterjee appeared in person. The company and the remaining noticees were granted one more opportunity of hearing. The hearing was initially scheduled on May 5, 2017 at Kolkata and later rescheduled to November 13, 2017. The intimation of the date of hearing in the matter was given to the entities vide notice dated October 26, 2017 and by publishing the date of hearing in the matter on November 5, 2017 in the Kolkata edition of the English daily ‘Times of India’ and the Bengali daily ‘Anand Bazar Patrika’. None of the entities appeared for hearing on November 13, 2017. Dilip Mukherjee and Antara Mukherjee filed their written submissions. It is noted that the company, Simanta Roy, Sourav Roy and Priyanka Roy did not file their reply. As sufficient opportunities have been granted to all the noticees to file their replies and appear for hearing, it would be appropriate to decide the matter on the basis of material available on record.
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Source: SecMarx — sebi:WTM/GM/EFD/28/2018-19. 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.