sebi:WTM/MB/SEBI/EFD-DRA4/7/2017
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Facts / Headnote
RPL and its directors Shri Remendra Mohan Sarkar, Shri Rameswar Podder and Shri Sukanta Deb held liable for deemed public issue violations and directed jointly and severally to refund Rs.3,15,00,000 with 15% p.a. interest, file inventory and compliance reports, and restrained from accessing/dealing in securities market and associating with listed/public companies raising money or SEBI intermediaries for 4 years from completion of refunds.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 111(1)
- Reg. 111(2)
Parties
- Ramel Pharma Limited
- Shri Remendra Mohan Sarkar
- Shri Rameswar Podder
- Shri Sukanta Deb
Holding
RPL's Offer of Redeemable Preference Shares raising Rs.3,15,00,000 from 4304 investors in 2007-2008 was a deemed public issue that violated Sections 56(1), 56(3), 2(36) read with 60, 73(1), 73(2), 73(3) and DIP Guidelines read with ICDR Regulations, and RPL and its three directors were directed to jointly and severally refund with 15% interest and were restrained from the securities market.
Full text
Page 2 of 16 Order in the matter of Ramel Pharma Limited dated July 20, 2017 2, 2015, against RPL and its directors, Shri Remendra Mohan Sarkar, Shri Rameswar Podder and Shri Sukanta Deb.
Page 3 of 16 Order in the matter of Ramel Pharma Limited dated July 20, 2017 ii. RPL and its Directors, viz. Shri Remendra Mohan Sarkar (DIN: 01753154), Shri Rameswar Podder (DIN: 01753196) and Shri Sukanta Deb (DIN: 01753238), are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders;
Page 4 of 16 Order in the matter of Ramel Pharma Limited dated July 20, 2017 receipt of the interim order, to file their replies, if any and to seek an opportunity of personal hearing, if they so desired.
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Source: SecMarx — sebi:WTM/MB/SEBI/EFD-DRA4/7/2017. 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.