sebi:WTM/SM/CFD/CFD-SEC-2/20598/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Proceedings disposed of without any direction pertaining to further debarment of Noticees; interest on INR 30 Crore escrow amount directed to be refunded to respective parties.
Provisions invoked
- s. 28A
Parties
- LOKMANGAL AGRO INDUSTRIES LIMITED
- SMITA SUBHASH DESHMUKH
- VAIJNATH NAGAPPA LATURE
- AUDUMBER SANDIPAN DESHMUKH
- SHAHAJI GULCHAND PAWAR
- GURRANA APPARAO TELI
- MAHESH SATISHCHANDRA DESHMUKH
- PARAG SURESH PATIL
Holding
The proceedings were disposed of without any further debarment of the Noticees, as the Company had successfully demonstrated that refunds of INR 182.38 Crore with interest to 4746 investors were made, verified by an independent Chartered Accountant appointed per SAT directions. The interest earned on the INR 30 Crore escrow deposit was directed to be refunded to the respective parties.
Full text
Page 1 of 13 Order in the matter of Lokmangal Agro Industries Limited WTM/SM/CFD/CFD-SEC-2/20598/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Page 2 of 13 Order in the matter of Lokmangal Agro Industries Limited Mahesh Satishchandra Deshmukh and Parag Suresh Patil, shall forthwith refund the money collected by the Company during their respective period of directorship through the issuance of equity shares with an interest of 15% per annum, from the eighth day of collection of funds, to the investors till the date of actual payment.
Page 3 of 13 Order in the matter of Lokmangal Agro Industries Limited contact persons such as names, addresses and contact details, within 15 days of this Order coming into effect.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SM/CFD/CFD-SEC-2/20598/2022-23. 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.