sebi:WTM/MPB/EFD-1-DRA-IV/101/2017
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Facts / Headnote
Directions issued against the noticee for refund of money with 15% interest, market access restrictions, and association ban 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. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 67(2)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 107
Parties
- Animesh Chowdhury
Holding
Shri Animesh Chowdhury, as a director of RKRIL during the issuance of RPS to 1176 investors, was held liable as an officer in default for violations of Sections 56, 60, and 73 of the Companies Act, 1956, and directed to jointly and severally refund the money collected with 15% interest per annum, along with market access restrictions and a ban on association with listed/public companies for 4 years from completion of refunds.
Full text
Order –Animesh Chowdhury in the matter of Ravi Kiran Realty India Limited Page 2 of 19 Mr. Gopal Roy Banik, Mr. Biswajit Chowdhury, Ms. Manisha Chatterjee, Mr. Swapan Kumar Paul and Mr. Kaushik Chatterjee.
Order –Animesh Chowdhury in the matter of Ravi Kiran Realty India Limited Page 3 of 19 i. The past Director of RKRIL, viz. Shri Animesh Chowdhury (PAN: ACPPC9026K; DIN: 03119948), is 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; ii. The abovementioned past Director of RKRIL is restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions; iii. The abovementioned past Director of RKRIL shall provide a full inventory of all his assets and properties.
Order –Animesh Chowdhury in the matter of Ravi Kiran Realty India Limited Page 4 of 19 dated November 23, 2015. The interim order was duly served on the noticee. The noticee vide letter dated December 14, 2015 sought extension of one month time to file reply. Thereafter vide letter dated January 15, 2016 the noticee sought further extension of two weeks to file reply on account of bad health. Vide letter dated January 29, 2016 noticee filed his reply and made interalia the following submissions- a) That since 1994 he was engaged in family business of running nursing home. While carrying on business in or about 2009, he started another business of supply of Medical Oxygen to various Nursing homes, houses and other institutions. In carrying on the said business he was in search of assistants and necessary funds for setting up the bottling plant for Medical Oxygen. b) Pursuant to the same, one of his common friends, Gopal Roy Banik introduced him with Mr, Kaushik Chaterjee. It was apprised to him that Mr. Kaushik Chaterjee was interested in financing the project. c) With such intent a company RKRIL was formed where Mr. Chaterjee joined as major shareholder and he and Mr. Gopal Roy Banik both contributed a sum of Rs. 65000/- and obtained 6500 shares each. d) That he was named Director of the Company and had acted as In charge of the project for setting up the Medical Oxygen bottling unit. As a Project Director he had been looking after setting up of the aforesaid Oxygen bottling
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/101/2017. 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.