sebi:WTM/RKA/ERO/173/2016
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Facts / Headnote
Company and five directors held liable for contravention; refund of Rs. 35,53,200 with 15% p.a. interest ordered jointly and severally; market access and association with public companies restrained for four years or till refund, whichever is later; interim order disposed of.
Provisions invoked
- s. 19
- s. 28A
- s. 620A
- s. 67(3)
- s. 73(2)
- s. 291
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(4)
Regulations
- Reg. 4(2)(d)
Parties
- KKDIL Nidhi Limited
- Mr. Baman Charana Das
- Ms. Sujata Das
- Mr. Bipin Chandra Das
- Mr. Santosh Kumar Panda
- Mrs. Kalyani Das
- Mr. Lingaraj Panigrahy
- Mr. Hara Prasad Das
- Mr. Kailash Chandra Bishoi
Holding
KKDIL Nidhi Limited and its promoters/directors Baman Charan Das, Sujata Das, Bipin Chandra Das, Santosh Kumar Panda and Hara Prasad Das were held liable for contravening sections 56, 60 and 73 of the Companies Act, 1956 and the ICDR Regulations by making a public issue of equity shares without complying with public issue norms, and were directed to jointly and severally refund Rs. 35,53,200 with interest at 15% p.a. All eight promoters/directors were restrained from accessing the capital market and associating with public companies for four years or till refund, whichever is later.
Full text
Order in respect of KKDIL Nidhi Limited and others Page 2 of 15 3. In view of the alleged contraventions and for the reasons stated in the interim order, the following directions were issued therein:
Order in respect of KKDIL Nidhi Limited and others Page 3 of 15 provide a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares/securities, if held in physical form”.
Order in respect of KKDIL Nidhi Limited and others Page 4 of 15 (d) He had requested Mr. Baman Charan Das to delete his name from the promoter list and he agreed to the same. He was not connected to the business of the company from March 15,
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Source: SecMarx — sebi:WTM/RKA/ERO/173/2016. 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.