sebi:WTM/MPB/EFD-1-DRA-IV/98/2017
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Facts / Headnote
RHRL and its directors directed to refund money collected through NCD issuance with 15% per annum interest; directors restrained from accessing securities market; debenture trustees found liable for acting without registration.
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. 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 Rahul Hi Rise Limited (RHRL)
- Shri Abhijit Majumdar
- Shri Dipankar Gupta
- Shri Mrinmoy Bose
- Shri Dinendra Nath Bandopadhyay
- Well Being Trust
- Shri Chapal Biswas
Holding
RHRL's offer of NCDs to at least 100 allottees was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and RHRL and its directors violated Sections 56, 60, 73, 117B, and 117C of that Act along with the ILDS Regulations. The debenture trustees violated Section 12(1) of the SEBI Act and Regulation 7 of the Debenture Trustees Regulations by acting without registration.
Full text
Order in the matter of M/s Rahul Hi Rise Limited Page 2 of 25 Debt Securities), Regulations, 2008 (hereinafter referred to as “ILDS Regulations”).
Order in the matter of M/s Rahul Hi Rise Limited Page 3 of 25 Year of Issue Security Issued Amount raised (Rs.) (in crores) Number of allottees 2009-2010 NCDs 14.44
Order in the matter of M/s Rahul Hi Rise Limited Page 4 of 25 Biswas) have prima facie violated section 12(1) of the SEBI Act and regulation 7 of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 (hereinafter referred to as " Debenture Trustees Regulations ").
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/98/2017. 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.