sebi:WTM/MPB/EFD-1-DRA-IV/23/2018
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Facts / Headnote
Adjudication proceedings concluded; NDCSL and its Directors held liable for contraventions of the SEBI Act, 1992, Companies Act, 1956 and ILDS Regulations, 2008; directions issued for refund of monies with interest to investors, joint and several liability for refund, recovery primarily against assets of NDCSL and Shri Anjan Kumar Baliyarsingh first, appropriate action to be initiated, and copies forwarded to Ministry of Corporate Affairs/RoC and Local Police/State Government.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 2(26)
- s. 4A
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 117C
- s. 56(3)
- s. 67(2)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 2(e)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 107
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Nava Diganta Capital Services Limited (NDCSL)
- Smt. Harapriya Jena
- Shri Kartikeya Parida
- Shri Sanyasi Pradhan
- Smt. Smita Patra
- Shri Pradeep Kumar Pattnaik
- Shri Ramachandra Hansdah
- Smt. Nirupama Sahoo
- Shri Hitesh Kumar Bagartti
- Smt. Subarna Naik
- Shri Anjan Kumar Baliyarsingh
Holding
NDCSL's Offer of Redeemable Preference Shares (RPS) and Offer of Non-Convertible Debentures (NCDs) constituted public issues, and NDCSL and its Directors contravened the SEBI Act, 1992, the Companies Act, 1956 (sections 56(1), 56(3), 2(36) read with 60, 73(1), 73(2), 73(3), 117B and 117C) and the ILDS Regulations, 2008. NDCSL and its Directors are jointly and severally liable to refund the monies collected with interest to investors, with recovery to be considered first against the assets of NDCSL and Shri Anjan Kumar Baliyarsingh.
Full text
Order in the matter of Nava Diganta Capital Services Limited Page 2 of 52 Company”) is a Public company incorporated on August 12, 2011 and registered with Registrar of Companies–Bhubaneswar with CIN: U67120OR2011PLC014034. Its registered office is at N1–14, IRC Village, Nayapalli, Bhubaneswar–751015, Odisha, India.
Order in the matter of Nava Diganta Capital Services Limited Page 3 of 52 Prima facie findings/allegations: 5. In the said interim order, the following prima facie findings were recorded. a) NDCSL had made an Offer of RPS during the financial years 2011-2012 , 2012-2013 , 2013- 2014 and raised an amount of Rs. 2.24 Crores as shown below: Year of Issue Security Issued Amount raised (Rs.) (in crores) Number of allottees 2011-2012 RPS 1.25
Order in the matter of Nava Diganta Capital Services Limited Page 4 of 52 The breakup of the Offer of NCD during the financial years 2011-2012 is as under- Year Debentures Amount Raised (Rs.) No. of Allottees 2011 – 12
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/23/2018. 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.