sebi:WTM/RKA/EFD/124/2016
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Facts / Headnote
Interim order-cum-show cause notice disposed; Waris Healthcare Limited and six past and present directors directed jointly and severally to refund NCD money with 15% p.a. interest within three months and restrained from securities market for four years or till refund, whichever is later; Chhaya Bahadur prohibited from securities market for four years.
Provisions invoked
- s. 19
- s. 12(1)
- s. 28A
- s. 67(3)
- s. 73(2)
- s. 291
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(4)
Regulations
- Reg. 7
- Reg. 28
- Reg. 4(2)(a)
Parties
- Waris Healthcare Limited
- Mr. Iftekhar Ahmed
- Mr. Aziz Ahmed
- Mr. Imtiaz Khan Warsi
- Mr. Shane Ahmed Warsi
- Ms. Quraisha Khatoon
- Ms. Ruhi Ghazala Warsi
- Ms. Chhaya Bahadur
Holding
Waris Healthcare Limited and its six past and present directors are liable for an unlawful public issue of NCDs and must jointly and severally refund the collection with 15% p.a. interest within three months with four-year capital-market restraint; Ms. Chhaya Bahadur acted as unregistered debenture trustee in violation of law and is debarred for four years.
Full text
Order in respect of Waris Healthcare Limited and others Page 2 of 8 (ii) “…….Smt. Chhaya Bahadur, has acted as an unregistered Debenture Trustees, which amounts to violation of the abovementioned provisions of the SEBI Act read with the Debenture Trustee Regulations”.
Order in respect of Waris Healthcare Limited and others Page 3 of 8 3. The interim order advised the company and the aforesaid directors to show cause as to why suitable
Order in respect of Waris Healthcare Limited and others Page 4 of 8 seeking information regarding its offer of NCDs. The interim order has categorically stated that the number of allottees and the amount mobilized as noted therein were only from the complaints received and that such number and the amount mobilized would be much more than the indicated figures. Till date, the company/its directors failed to furnish the information (sought vide SEBI letters dated March 14, 2014, March 28, 2014 and May 16, 2014), though they were specifically directed to do so in the interim order.
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Source: SecMarx — sebi:WTM/RKA/EFD/124/2016. 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.