sebi:WTM/MPB/EFD-1-DRA-IV/93/2017
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Facts / Headnote
Nirmal Infrahome and directors Shri Phool Singh Choudhary, Shri Harish Sharma and Shri Abhishek S. Chauhan directed to forthwith refund money collected through NCDs with 15% p.a. interest from eighth day of collection and restrained from securities market till expiry of 4 years from completion of refunds; Shri Prabal Pratap Singh Yadav restrained from securities market for 4 years without refund liability; unregistered debenture trustee found in violation.
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. 73(1)
- s. 2(36)
- s. 60
- 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. 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 Nirmal Infrahome Corporation Limited
- Shri Phool Singh Choudhary
- Shri Harish Sharma
- Shri Abhishek S. Chauhan
- Shri Prabal Pratap Singh Yadav
- Nirmal Debenture Trust
- Shri Jeetendra Rajput
Holding
Nirmal Infrahome's offer of NCDs to at least 3309 investors mobilising at least Rs. 49.50 crore was a deemed public issue in violation of public-issue norms, and the Company with its directors during issuance are jointly and severally liable to refund with 15% interest while the unregistered debenture trustee violated registration requirements.
Full text
Order in the matter of M/s Nirmal Infrahome Corporation Limited Page 2 of 27 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 Nirmal Infrahome Corporation Limited Page 3 of 27 Total 1,85,12,790.00^ 3309* *^ No. of allottees and funds mobilized has been collated from the reply made by Nirmal Infrahome. However, actual no. of allottees and amount mobilized could be more than the above indicated figures.
Order in the matter of M/s Nirmal Infrahome Corporation Limited Page 4 of 27 AGOPC3742P) and Shri Prabal Pratap Singh Yadav (DIN: 01907205) 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;
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/93/2017. 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.