sebi:WTM/MB/CFD/DCR/6474/2019-20
Facts / Headnote
Legal Representatives of Late Shri Y.N. Saxena held liable in their capacity as legal representatives to refund money collected through issuance of OFCDs during his tenure with 15% interest, limited to the extent of assets inherited.
Provisions invoked
- s. 19
- s. 62
- s. 63
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 24
- s. 27(1)
- s. 30
- s. 67(3)
- s. 58
- s. 9A
- s. 32
- s. 56
- s. 73(2)
- s. 34
- s. 73(1)
- s. 60
- s. 46
Regulations relied on
- SEBI (DIP) Guidelines, 2000
- SEBI (ICDR) Regulations, 2009
- SEBI (Merchant Bankers) Regulations, 1992
Parties
- Legal Representatives of Late Shri Y.N. Saxena
Holding
The Legal Representatives of Late Shri Y.N. Saxena are liable as legal representatives to refund the money collected by SICCL through OFCDs during his directorship with interest at 15%, limited to the value of assets inherited from him.
Full text
Order in respect of Legal Representatives of Late Shri Y.N.Saxena in the matter of SICCL Page 2 of 63 1,98,39,939 allottees, which was found to be in violation of provisions of respective provisions of the SEBI Act, 1992, the Companies Act, 1956, and Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (DIP Guidelines) read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations) and SEBI (Merchant Bankers) Regulations, 1992 (“SEBI Merchant Banker Regulations).
Order in respect of Legal Representatives of Late Shri Y.N.Saxena in the matter of SICCL Page 3 of 63 Sahara, Shri O.P.Shrivastava, Shri J.B.Roy, Legal Representatives of Late Lt. Col. (Retd) D. S. Thapa as per applicable law, Legal Representatives of Late Shri P.S.Mishra as per applicable law, Legal Representatives of Late Shri Y.N.Saxena as per applicable law, Lt.Gen.(Retd.) A.S. Rao and Shri Ranoj Das Gupta jointly and severally are directed to deposit the money collected by the Company through the issuance of OFCDs along with the interest on the aforesaid amount calculated with an interest of 15% per annum, from the eighth day of collection of funds, till the date of actual payment., in an Escrow Account opened with a nationalized Bank. Shri I. Ahmad, Shri O.P.Dixit, Shri. Asad Ahmad and Shri. A.N. Mukherjee and Shri C.B.Thapa and directors namely, Shri Subrata Roy Sahara, Shri O.P.Shrivastava, Shri J.B.Roy, Legal Representatives of Late Lt. Col. (Retd) D. S. Thapa as per applicable law, Legal Representatives of Late Shri P.S.Mishra as per applicable law, Legal Representatives of Late Shri Y.N.Saxena as per applicable law, Lt.Gen.(Retd.) A.S. Rao and Shri Ranoj Das Gupta are directed to compensate from the said deposit the investors in accordance with their subscription money along with interest. (c) The repayments, compensation amount and interest payments to investors shall be effected only through Bank Demand Draft or Pay
Order in respect of Legal Representatives of Late Shri Y.N.Saxena in the matter of SICCL Page 4 of 63 C.B.Thapa are directed to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of mutual funds/shares/securities, if held in physical form and demat form. Legal Representatives of Late Lt. Col. (Retd) D. S. Thapa, Late Shri P.S.Mishra, Late Shri Y.N.Saxena as per applicable law are directed to provide a full inventory of all the assets and properties and details of all the bank accounts, demat accounts and holdings of mutual funds/shares/securities, if held in physical form and demat form, inherited from the Late Lt. Col. (Retd) D. S. Thapa, Late Shri P.S.Mishra, Late Shri Y.N.Saxena respectively. (f) SICCL is directed to provide a full inventory of all the assets and properties and details of all the bank accounts, demat accounts and holdings of mutual funds/shares/securities, if held in physical form and demat form, of the company. (g) In view of the order of Hon’ble Supreme court mentioned at paragraph 86, SICCL and Shri Subrata Roy Sahara are permitted to sell the assets of the Company for the sole purpose of making the refunds as directed above and deposit the proceeds in the SEBI Sahara Refund Account. Such proceeds shall be utilized, with the permission of Hon’ble Supreme Court of India, for the purpose of making refund/repayment to the investors of SICCL. (h) Shri O.P.Shrivastava, Shri J.B.Roy,
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Source: SecMarx — sebi:WTM/MB/CFD/DCR/6474/2019-20. 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.