sebi:WTM/MPB/EFD-1-DRA-IV/27/2018
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Facts / Headnote
Directions issued: refund of monies with 15% interest, market access restrictions for 4 years, inventory of assets, public notice for refunds, and restrictions on debenture trustees.
Provisions invoked
- s. 19
- s. 12(1)
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 56(4)
- s. 306
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. 16(1)
- Reg. 107
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Agragami Agro-Farms Limited (AAFL)
- Mr. Siddhartha Sankar Roy
- Mr. Basudeb Sardar
- Mr. Sabyasachi Roy (deceased)
- Mr. Hasem Molla
- Mr. Mukul Sardar
- Mr. Bhabesh Halder
- Mr. Susanta Sardar
- Mr. Ramesh Jorddar
- Smt Sunati Ghosh
Holding
AAFL's offers of equity shares, redeemable preference shares, and secured redeemable debentures to more than 50 persons were deemed public issues under Section 67(3) of the Companies Act, 1956, and AAFL and its directors violated Sections 56, 60, and 73 of the Companies Act, 1956, along with DIP Guidelines and ILDS Regulations. Debenture trustees Mr. Ramesh Jorddar and Smt Sunati Ghosh violated Section 12(1) of the SEBI Act and Regulation 7 of the Debenture Trustees Regulations by acting without registration.
Full text
Order in the matter of Agragami Agro–Farms Limited Page 2 of 31 Sonarpur Kolkata – 700150, West Bengal 8 Susanta Sardar Not Available Not Applicable S/o Ganendra Nath Sardar Vill, P.O – Manmatha Nagar, P.S – Gosaba, Dist – 24 Pgs South, West Bengal – 743370 9 Ramesh Jorddar Not Available Not Applicable Vill – Palpali, P.O – Ngartala, P.S – Canning, Dist – South 24 Parganas, West Bengal - 743329 10 Sunati Ghosh Not Available Not Applicable Vill & P.O – Kheyedaha, P.S. – Canning, Dist – South 24 Parganas, West Bengal - 743329 __________________________________________________________________
Order in the matter of Agragami Agro–Farms Limited Page 3 of 31 March 05, 2010 and appointed Mr. Ramesh Jorddar and Smt Sunati Ghosh as Debenture Trustees for the Offer of SRD by the company.
Order in the matter of Agragami Agro–Farms Limited Page 4 of 31 C. DETAILS OF OUTSTANDING SECURED REDEEMABLE DEBENTURES [AS PER FORM 20B AND COMPLAINTS RECEIVED] –
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/27/2018. 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.