sebi:WTM/PS/19/ERO/CIS/JULY/2014
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Facts / Headnote
Directions issued restraining Ramel Industries Limited from accessing the securities market, directing winding up of CIS and refund of monies, and reserving right to initiate prosecution and adjudication proceedings.
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 12
- s. 28A
Regulations
- Reg. 65
- Reg. 3
Parties
- Ramel Industries Limited
- Mr. Rameshwar Podder
- Mr. Ramendra Mohan Sarkar
- Mr. Sukanta Deb
- Mr. Partha Das
Holding
Ramel Industries Limited was found to be operating Collective Investment Schemes without registration from SEBI, in contravention of section 12(1B) of the SEBI Act read with regulation 3 of the CIS Regulations, and was directed to wind up its schemes, refund monies to investors, and refrain from accessing the securities market.
Full text
Page 2 of 12 (h) Whether any instrument is issued to the investors after receipt of fund; (i) Whether such instruments, if issued, are transferrable; (j) In case the 'Schemes' pertain to issue of Preference Shares/ Debentures whether the shares/debentures issued by the Company are listed/ intended to be listed on any stock exchange; (k) In case the 'Schemes' pertain to booking/ purchase of goods/ properties, to specify the options available with the investor if he does not want to possess the good/ property after payment of initial amount; (l) To confirm whether 'Schemes' floated by the Company falls under the CIS Regulations or SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Page 3 of 12 been alleged that the Company had issued OFCDs to more than 49 persons without filing any offer documents and complying with statutory requirements with respect to public issue of securities. However, this issue is being separately dealt with by SEBI.
Page 4 of 12 Upon the petitioner's written application being made within a fortnight from date, SEBI should dispose of the application within four weeks of the petitioners satisfactorily responding to any queries that may be raised by SEBI in respect of the application. It will be open to SEBI to give the petitioner an opportunity of hearing before disposing of the application by a reasoned order…. "
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Source: SecMarx — sebi:WTM/PS/19/ERO/CIS/JULY/2014. 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.