sebi:WTM/MPB/EFD-1-DRA-IV/82/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: refund of Rs. 39.15 lakhs with 15% interest per annum jointly and severally by RCL and directors Kanika Maiti, Anukul Maiti, Swapan Roy; inventory of assets; escrow account for refunds; public notice; report of completion by peer-reviewed CAs; market access ban for 4 years from completion of refunds; debenture trustee restrained from securities market for 4 years; recovery/adjudication/criminal referral on non-compliance.
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. 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. 47
- 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 Riju Cement Limited (RCL)
- Shri Kanika Maiti
- Shri Anukul Maiti
- Shri Swapan Roy
- Shri Aditya Gorain
- Shri Sutapa Goral
- Shri Gopal Chandra Gorai
- Shri Jayanta Gorai
- Trustee of The Debenture Holders of Icore–E–Services Limited (represented by Shri Chandan Dey and Smt Kanika Maiti)
Holding
Riju Cement Limited's offer of NCDs to at least 539 allottees was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and RCL and its directors Kanika Maiti, Anukul Maiti and Swapan Roy are jointly and severally liable to refund Rs. 39.15 lakhs with 15% interest per annum. The appointment of an unregistered debenture trustee violated Section 117B of the Companies Act, 1956 and Section 12(1) of the SEBI Act read with Regulation 7 of the Debenture Trustees Regulations.
Full text
Order in the matter of M/s Riju Cement Limited Page 2 of 24 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 Riju Cement Limited Page 3 of 24 Year of Issue Security Issued Amount raised (Rs.) (in lakh) Number of allottees 2009-2010 NCDs
Order in the matter of M/s Riju Cement Limited Page 4 of 24 i. “RCL (PAN: AADCR3601C) shall forthwith cease to mobilize fresh funds from investors through the Offer of NCDs or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions; ii. RCL and its present/past Directors, viz. Shri Kanika Maiti (PAN: AOTPM3722N; DIN: 02029931), Shri Anukul Maiti (PAN: AOMPM9182R; DIN: 01884307), Shri Swapan Roy (PAN: ANVPR7210H; DIN: 02621357), Shri Aditya Gorain (PAN: AGJPG4423G; DIN: 01063129), Shri Sutapa Goral (PAN: AGJPG4424B; DIN: 02077139), Shri Gopal Chandra Gorai (PAN: AKLPG0876B; DIN: 02077138) and Shri Jayanta Gorai (PAN: AKLPG0875C; DIN: 02077137), are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; iii. RCL and its abovementioned past and present Directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions; iv. RCL shall provide a full inventory of all its assets and properties; v. RCL’s abovementioned past and present Directors shall provide a full inventory of all their assets and properties; vi. RCL and its abovementioned present Di
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/82/2017. 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.