sebi:WTM/GM/ERO/06/APR/2017
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Facts / Headnote
Representation dated November 7, 2016 disposed of without any extension of time; SEBI to initiate attachment and recovery proceedings
Parties
- Vaibhav Parivar India Projects Ltd.
- Rajesh Kumar Rai
- Manoj Kumar Rai
Holding
The representation by VPIPL, Rajesh Kumar Rai and Manoj Kumar Rai seeking to refund the balance amount in instalments was disposed of without any extension of time for compliance with the order dated January 22, 2016, and SEBI will initiate attachment and recovery proceedings against the Company and its directors for investor refunds.
Full text
Order in the matter of Vaibhav Parivar India Projects Ltd. Page 2 of 5 the investors and deposit the sale proceeds in an escrow account opened with a nationalised bank.
Order in the matter of Vaibhav Parivar India Projects Ltd. Page 3 of 5 5. The entities, vide letter dated December 27, 2016 submitted that they are willing to repay the investors in six instalments by July 31, 2018. It has been also stated in the letter that they are in the process of getting chartered accountants’ certificate. The certificates have been submitted vide letter dated March 3, 2017. In this letter the entities have also suggested a new schedule of payment to the investors wherein they shall start refund after three months from the date of disposal of their representation by SEBI. The certificates of chartered accountants submitted by the entities are (i) certificate dated January 2, 2017 from M/s. C Ghatak & Co., Chartered Accountants, who are auditors of VPIPL and (ii) certificate dated January 17, 2017 from M/s. MSVK & Associates, Chartered Accountants. The CAs have certified that the company has refunded `8,75,79,137.50 to the debenture holders during the financial year 2013-2014.
Order in the matter of Vaibhav Parivar India Projects Ltd. Page 4 of 5 2014 and auditor’s report dated October 30, 2014. It is observed from the statement of accounts that as on March 31, 2014, the liability of the company on account of long term borrowings by way of debenture has reduced by `8.75 crore in 2013-2014. However, this fact was not brought to notice by the entities before passing of the final order.
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Source: SecMarx — sebi:WTM/GM/ERO/06/APR/2017. 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.