sebi:WTM/PS/48/EFD/JUNE/2016
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Facts / Headnote
Interim directions issued vide SEBI order dated February 11, 2015 against Sukhchain Hire Purchase Limited, its directors, and its debenture trustee Mr. Hemant Sahu vacated; show cause notice disposed of without directions.
Provisions invoked
- s. 19
- s. 12(1)
- s. 4A
- s. 67(3)
- s. 67
- s. 67(1)
- s. 67(2)
- s. 45I
Parties
- Sukhchain Hire Purchase Limited
- Mr. Malwinderwant Singh
- Mr. Sukhraj Bahadur Singh
- Ms. Vijay Laxmi Kathait
- Mr. Jitendra Singh Gurjar
- Mr. Guriqbal Singh Bhullar (deceased)
- Mr. Harpreet Singh
- Ms. Harjit Kaur Bhullar
- Mr. Abhay Shukla
- Mr. Vishwanathan Iyer
- Mr. Akshay Tiwari
- Mr. Hemant Sahu
Holding
SEBI vacated the interim directions against Sukhchain Hire Purchase Limited, its directors, and its debenture trustee, holding it was difficult to conclusively determine that the Company had made a public issue of NCDs, and disposed of the show cause notice without directions.
Full text
Page 2 of 23 Companies Act, 1956 and the relevant provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (hereinafter referred to as ‘the ILDS Regulations’). The interim order also alleged that Mr. Hemant Sahu had allegedly failed to meet the eligibility conditions specified under the SEBI (Debenture Trustees) Regulations, 1993 (hereinafter referred to as ‘DT Regulations’) and acted as an unregistered debenture trustee in violation of Section 12(1) of the SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’).
Page 3 of 23 viii. SHPL shall furnish complete and relevant information within 21 days from the date of receipt of this Order. ix. The Debenture Trustee, viz. Mr. Hemant Sahu , is prohibited from continuing with his present assignment as a debenture trustee in respect of the Offer of NCDs of SHPL and also from taking up any new assignment or involvement in any new issue of debentures, etc. in a similar capacity, from the date of this order till further directions.
Page 4 of 23 Bhullar (who passed away on November 11, 2011), however, due to the serious illness of her husband, she had resigned from the Company on January 20, 2010.
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Source: SecMarx — sebi:WTM/PS/48/EFD/JUNE/2016. 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.