sebi:WTM/SR/ERO/43/08/2014
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Facts / Headnote
Interim directions issued restraining RREIL and its Directors from mobilizing funds, accessing the securities market, and disposing of assets; Debenture Trustee prohibited from continuing assignment
Provisions invoked
- s. 11
- s. 12(1)
- s. 55A
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 465
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 465(2)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 16(1)
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Ramel Real Estate and Infrastructure Limited (RREIL)
- Shri Remendra Mohan Sarkar (DIN: 01753154)
- Shri Rameswar Podder (DIN: 01753196)
- Shri Sukanta Deb (DIN: 01753238)
- Shri Partha Das (DIN: 03631995)
- Ramel Real Estate and Infrastructure Debenture Trust (represented by its Trustee, viz. Mr. Sanjoy Deb)
Holding
RREIL's Offer of NCDs to 1045 persons constitutes a public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and RREIL prima facie violated the Companies Act, 1956, the Debt Securities Regulations, and the Debenture Trustees Regulations. Interim directions were issued restraining RREIL, its Directors, and its Debenture Trustee from further fund mobilization and securities market activity.
Full text
Page 2 of 14 c. Details regarding the number of applications received; d. Details regarding the number of allottees and list of such allottees; e. Number of Non-Convertible Debentures allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of Non-Convertible Debentures; h. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; i. Date of dispatch of Non-Convertible Debentures; j. Details of the total number of applicants for each of RREIL's scheme besides the list of final allottees; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of Non-Convertible Debentures. l. Terms and conditions of the issue of Non-Convertible Debentures.
Page 3 of 14 Affairs, Kolkata (vide letter dated May 29, 2014) and the Joint Secretary, Institute of Chartered Accountants of India, Eastern India Regional Council, Kolkata (vide letter dated May 29, 2014) regarding the irregularities in the issue of NCDs made by RREIL.
Page 4 of 14 iv. The allotment in respect of the Offer of NCDs is observed to have been made on a private placement basis pursuant to the Resolution of the Committee of Board of Directors of RREIL, passed at the Board Meeting held on October 18, 2012.
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Source: SecMarx — sebi:WTM/SR/ERO/43/08/2014. 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.