sebi:WTM/MPB/EFD-1-DRA-IV/55/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Held the Offer of NCDs was a deemed public issue in violation of the Companies Act, 1956 and ILDS Regulations; held RIPL and its directors jointly and severally liable to refund amounts collected with 15% interest per annum, held RIPL liable under sections 117B and 117C and the Debenture Trusts/trustees liable under section 12(1) SEBI Act, and held promoters/directors/trustees liable for appropriate debarment directions.
Provisions invoked
- s. 11B
- s. 19
- s. 12(1)
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 67(1)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 161
- s. 27(2)
- s. 56(1)
- s. 117C
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)
Holding
RIPL's Offer of NCDs to at least 42,269 investors raising at least Rs.74.40 Crores was a deemed public issue under the first proviso to section 67(3) of the Companies Act, 1956 made without complying with prospectus, listing, refund and trustee requirements. RIPL and its directors are jointly and severally liable to refund the monies with 15% interest, and the promoters, directors and unregistered debenture trustees are liable for violation and further directions including debarment.
Full text
Order in the matter of M/s Roofers Infra–Projects Limited Page 2 of 40 Diamond Tower–1, Ground Floor, Jhapetapur, Post Office – Kharagpur, West Midnapore –721301, West Bengal, India.
Order in the matter of M/s Roofers Infra–Projects Limited Page 3 of 40 promoters, viz. Shri Khudiram Sounth, Shri Hirak Nath Sounth, Smt Jayanti Sounth, Roofers Infrastructure India Private Limited, Shri Rabindra Nath Sounth, Shri Tarak Nath Sounth, Shri Sujit Kumar Pal, Smt Kabita Rani Pal, Shri Saurovemoy Ghosh, Shri Sukumar Bhattacharya, Shri Sudhir Chandra Bera, Shri Bhadreshwar Pal, Shri Anjan Bandyopadhyay, Shri Aniruddha Ghosal, Shri Sukumar Chatterjee, Shri Ajoy Sankar Sanyal and its Debenture Trustees Roofers Debenture Trust (represented by its trustees, viz. Shri Kanai Lal Bhattacharya and Shri Biman Kumar Tat) and Diamond Debenture Trust (represented by its trustee, viz. Shri Biman Kumar Tat) (hereinafter collectively referred to as “Noticees”).
Order in the matter of M/s Roofers Infra–Projects Limited Page 4 of 40 ^The amount has been taken from RIPL’s Balance Sheet for the Financial Year ending March 31, 2013.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/55/2017. 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.