sebi:WTM/SM/ERO/ERO/9172/2020-21
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Facts / Headnote
Noticees no. 1 to 4 directed to refund money jointly and severally with 15% interest; Noticees no. 1 to 6 debarred from securities market for 4 years or till refund completion (whichever later); Noticee no. 7 debarred for 4 years; Noticees no. 5 and 6 given benefit of doubt on refund liability but restrained from market access.
Provisions invoked
- s. 19
- s. 62
- s. 73
- s. 67(3)
- s. 67
- s. 58
- s. 56
- s. 73(2)
- s. 60
Parties
- Mr. Nand Lal Koiree
- Mr. Ashok Saw
- Mr. Mukesh Singh
- Mr. Ganesh Thakur
- Mr. Barun Kumar Rawani
- Mr. Bisun Rawani
- Ms. Mohini Devi
Holding
Noticees no. 1 to 4 (Executive/Whole Time Directors and Promoters) were held to be Officers in Default and jointly and severally liable to refund funds collected through RPS with 15% interest; Noticees no. 5 and 6 (Independent Non-Executive Directors) were given benefit of doubt on refund liability but restrained from securities market access; Noticee no. 7 (Promoter) was restrained from securities market access for four years.
Full text
Final Order in the matter of Rainbow Industries and Constructions Ltd. Page 2 of 15 and accordingly the following directions were issued to the Company, its Directors and Promoters: a) RIACL [PAN: AAECR6197A] and its Promoters and Directors including Mr. Ashok Saw [PAN: BLXPS0512A], Mr. Mukesh Singh [PAN: BNVPS8079L], Ms. Nidhi Yogendra [PAN: Not Available], Mr. Barun Kumar Rawani [PAN: AFPPR5448M] and Mr. Bisun Rawani [PAN:ANDPR8996C]are restrained from mobilizing funds through the issue of RPS or through any other form of securities, to the public and/ or invite subscription of securities from the public, in any manner whatsoever, either directly or indirectly till further directions; b) RIACL and its Promoters and Directors including Mr. Ashok Saw, Mr. Mukesh Singh, Ms. Nidhi Yogendra, Mr. Barun Kumar Rawani and Mr. Bisun Rawani are prohibited from issuing Prospectus or any Offer Document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further directions; c) RIACL and the other Noticees namely Mr. Ashok Saw, Mr. Mukesh Singh, Ms. Nidhi Yogendra, Mr. Barun Kumar Rawani, Mr. Bisun Rawani, Mr. Ganesh Thakur [PAN: AFOPT8328K], Mr. Dhiren Rawani [PAN: AGWPR6262R] including his legal representatives, Mr. Nand Lal Koiree [PAN: AREPK5807E]and Ms. Mohini Devi [PAN: Not Available] shall not access the Securities Market or buy, sell or otherwise deal in the Securities Market, either
Final Order in the matter of Rainbow Industries and Constructions Ltd. Page 3 of 15 e) RIACL and its present Directors shall co-operate with SEBI and shall furnish all information/documents in connection with the offer and allotment of RPS sought vide letters dated May 30, 2018 and July10, 2018.
Final Order in the matter of Rainbow Industries and Constructions Ltd. Page 4 of 15 Accordingly, the scope of the present proceedings is confined to examine the role and responsibilities of the seven (07) Noticees only named in the beginning of this order.
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Source: SecMarx — sebi:WTM/SM/ERO/ERO/9172/2020-21. 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.