sebi:WTM/MPB/EFD-1-DRA-IV/59/2017
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Facts / Headnote
Directions issued: refund of monies collected with 15% p.a. interest, market access ban for 4 years from completion of refunds, ban on association with listed/public companies and SEBI-registered intermediaries for 4 years, asset inventory, escrow account, public notice, compliance report, and referral to MCA/RoC.
Provisions invoked
- 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. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 117C
- s. 56(3)
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
- M/s Aspen Nirman India Limited (ANIL)
- Mr. Abhijit Dasgupta
- Mr. Bhaskar Saha
- Mr. Ashim Maitra
- Mr. Ujjal Kumar Roy
- Mr. Avijit Kumar Ganguly
- Mr. Debopam Sur
- Mr. Goutam Sarkar
- Aspen Debenture Trust
- Mr. Raju Sarkar
Holding
ANIL's offer of NCDs to at least 167 investors was a public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and ANIL and its directors violated Sections 56, 60, 73, 117B, 117C of the Companies Act, 1956 and the ILDS Regulations; Aspen Debenture Trust and Mr. Raju Sarkar violated Section 12(1) of the SEBI Act read with Regulation 7 of the Debenture Trustees Regulations. ANIL and its directors are jointly and severally liable to refund the amounts collected with interest at 15% per annum.
Full text
Order in the matter of M/s Aspen Nirman India Limited Page 2 of 28 respect of issue of Secured Redeemable Non-Convertible Debentures (hereinafter referred to as “NCDs”) and undertook an enquiry to ascertain whether ANIL had made any public issue of securities without complying with the provisions of the Companies Act, 1956; Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) and the Rules and Regulations framed thereunder including the Securities and Exchange Board of India (Issue and Listing of Debt Securities), Regulations, 2008 (hereinafter referred to as “ILDS Regulations”).
Order in the matter of M/s Aspen Nirman India Limited Page 3 of 28 as shown below: Year of Issue Security Issued Amount raised (Rs.) Number of allottees 2011-2012 NCDs 1,86,000
Order in the matter of M/s Aspen Nirman India Limited Page 4 of 28 Plan-I Regular Income Redeemable Secured Debentures Deposit Amount (Rs.) Redemption Period Monthly Repayment (Rs.) Incentive Redemption Amount (Rs.) 25000 18 months 312 Nil 25000 25000 36 months 365 3% 25750 25000 60 months 365 5% 26250
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/59/2017. 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.