sebi:WTM/MPB/EFD-1-DRA-IV/63/2018
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Facts / Headnote
Noticee directed to jointly and severally refund money collected through NCD issuance with 15% per annum interest from eighth day of collection; directed to provide asset inventory; restrained from securities market dealings for four years from completion of refunds; permitted to sell assets only for refunds into escrow account
Provisions invoked
- s. 19
- s. 27
- s. 73
- s. 28A
- s. 141
- s. 2(26)
- s. 67
- s. 56
- s. 73(2)
- s. 2(13)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 117C
- s. 633(2)
- s. 285
Regulations
- Reg. 28
Parties
- Mr. Manoj Kumar Singhal
Holding
The Noticee, Mr. Manoj Kumar Singhal, was a Director (not an Independent Director as claimed) of Neesa Technologies Ltd. during the period of NCD issuance, and as an 'officer in default' under Section 5(g) read with Section 73(2) of the Companies Act, 1956, is jointly and severally liable to refund the money collected from investors with 15% per annum interest, and is restrained from accessing the securities market.
Full text
Order in respect of Mr. Manoj Kumar Singhal in the matter of Neesa Technologies Ltd. Page 2 of 27 “Neesa Technologies Limited [PAN: AABCG5430A], Mr. Arvind Gupta [PAN: AERPG2839N; DIN: 00064391], Mr. Yogesh Ghisumal Gemawat [PAN: ADVPG4051D; DIN: 02550021], Mr. Girishchandra Mukundram Baluni [PAN: AAKPB5408R; DIN: 02745783], Mr. Nimain Charan Biswal [PAN: ACRPB3767C; DIN: 03306090], Mr. Sanjay Gupta [PAN: ABUPG5799B; DIN: 00006361], Mr. Kamlendra Joshi [PAN: ABIPJ6029P; DIN: 05356425] and Mr. Manoj Singhal [PAN: ARFPS7604E; DIN: 01830419],jointly and severally, shall forthwith refund the money collected by the Company through the issuance of Non-Convertible Debentures (which have been found to be issued in contravention of the public issue norms stipulated under the Companies Act, 1956 and the ILDS Regulations), the investors including the money collected from investors, till date, pending allotment of securities, if any, with an interest of 15% per annum compounded at half yearly intervals, from the date when the repayments became due (in terms of Section 73(2) of the Companies Act, 1956) to the investors till the date of actual payment.” … Neesa Technologies Limited, Arvind Gupta, Yogesh Ghisumal Gemawat, Girishchandra Mukundram Baluni, Nimain Charan Biswal, Sanjay Gupta, Kamlendra Joshi and Manoj Singhal are also directed to provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities,
Order in respect of Mr. Manoj Kumar Singhal in the matter of Neesa Technologies Ltd. Page 3 of 27 from the date of this Order till the expiry of four (4) years from the date of completion of refunds to investors, as directed above. …
Order in respect of Mr. Manoj Kumar Singhal in the matter of Neesa Technologies Ltd. Page 4 of 27 him before SEBI. Reply & Hearing
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/63/2018. 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.