sebi:WTM/RKA/EFD/133/2016
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Facts / Headnote
Company and directors held liable for contraventions; refund of subscription money with 15% p.a. interest ordered; market access ban for four years; debenture trustee and trustee found guilty of unregistered activity; interim order disposed of.
Provisions invoked
- s. 19
- s. 12(1)
- s. 28A
- s. 67(3)
- s. 73(2)
- s. 291
- s. 2(36)
- s. 60
- s. 56
- s. 73
- s. 117B
- s. 117C
Regulations
- Reg. 7
- Reg. 28
- Reg. 4(2)(a)
Parties
- Adamant Infrastructures Limited
- Shri. Indrajit Kumar Sharma
- Shri. Jitendra Kumar Sharma
- Shri. Anand Mohan
- Adamant Debenture Trust
- Smt. Sushmita Sinha
Holding
Adamant Infrastructures Limited and its three directors were held liable for contravening sections 60 read with 2(36), 56(1), 56(3), 73, 117B and 117C of the Companies Act, 1956 and the ILDS Regulations, and were directed to refund subscription money with 15% p.a. interest. Adamant Debenture Trust and Smt. Sushmita Sinha were held guilty of contravening section 12(1) of the SEBI Act and regulation 7 of the Debenture Trustee Regulations for acting as unregistered debenture trustees.
Full text
Order in respect of Adamant Infrastructures Limited and others Page 2 of 7 Act, 1956 (Section 56, Section 60 read with Section 2(36), Section 73, Section 117B, Section 117C) and the Debt Securities Regulations”.
Order in respect of Adamant Infrastructures Limited and others Page 3 of 7 August 30, 2016. As the interim order could not be delivered to the noticees at their last known address, SEBI made a public notice on August 23, 2016 in the newspapers (Times of India, Anand Bazaar Patrika and Dainik Bhaskar) intimating them about the interim order and the personal hearing fixed on August 30, 2016. They were also advised to file their replies before the date of personal hearing. Despite the above steps, the noticees neither filed their replies nor appeared in the personal hearing. The proceedings of personal hearing was therefore concluded.
Order in respect of Adamant Infrastructures Limited and others Page 4 of 7 “currently open”, giving an impression that company continued to raise money through its offer of NCDs. All the above observations remain uncontroverted.
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Source: SecMarx — sebi:WTM/RKA/EFD/133/2016. 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.