sebi:WTM/MPB/ISD/169/2018
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Facts / Headnote
Interim order directions confirmed
Provisions invoked
- s. 11
- s. 19
Parties
- Ritman Infra Limited
Holding
The Whole Time Member confirmed the directions issued against Ritman Infra Limited (RIL) and other entities vide the interim order dated October 13, 2017, finding that the facts and circumstances had not changed adequately to justify dis-continuation, modification, or revocation of those directions.
Full text
Order in the matter of Ritman Infra Limited Page 2 of 15 that passing of any order on the representation made by the appellant would not preclude SEBI from further investigating the matter and initiate appropriate proceedings if deemed fit
Order in the matter of Ritman Infra Limited Page 3 of 15 consequential impacts on all required decisions of the said Committees. c. The company had not appointed Company Secretary in the Audit Period i.e. 2015-16. d. As per the SEBI circular, on the uniform listing agreement, the Company has initiated the process of entering into the fresh listing agreement with the Calcutta Stock Exchange. However till the end of the audit period, the agreement was not executed. ii) From the independent auditors report for the year 2015-16, the auditor has emphasized regarding non-provisioning of liabilities arising out of performance obligation of Rs.3,62,59,530/- as in the opinion of management, no demand for the nonperformance would arise in future. iii) As per secretarial audit report for the financial year ended March 31, 2015, the Company has same violations as stated at point no. i (a to c) in the year 2014-15 and 2016-17 also. iv) From the independent auditors report for the year 2014-15, the auditor has emphasized regarding non provisioning of liabilities arising out of performance obligation of Rs.2,24,78,212/- as in the opinion of management, no demand for the nonperformance would arise in future and non-provision against investment and other loans and advances from the subsidiary Ritman Strata Chem Sdn Bhd amounting to Rs.64,17,300/- and Rs.31,00,058, respectively as in the opinion of management, that the non- receipt of the financial statement from the subsidiary is only tempora
Order in the matter of Ritman Infra Limited Page 4 of 15 Shankar Pandey and Mr. Pachu Das; if yes, details of what it was regarding” • In FY 2016-17, the company has converted an amount of Rs.3.37 crore worth stock in trade into non-current investments. Furnish the full list, breakup along with supporting documents.
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Source: SecMarx — sebi:WTM/MPB/ISD/169/2018. 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.