sebi:WTM/SR/SEBI/ERO/01/01/2017
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Facts / Headnote
Review allowed in part; seven former directors/secretary held jointly and severally liable with Saradha Realty India Ltd., Sudipta Sen, Hemanta Pradhan and Monoj Kumar Nagel for Rs. 1 crore penalty under Section 15D; Adjudicating Officer's findings under Section 15HB left undisturbed
Provisions invoked
- s. 15
- s. 19
- s. 12
- s. 15H
- s. 27
- s. 15D
- s. 27(1)
Regulations
- Reg. 3
Parties
- Mr. Subhojit Sen
- Mrs. Debika Dasgupta
- Mrs. Mitali Banerjee
- Mrs. Poulami Mukherjee
- Mrs. Debjani Mukherjee
- Mr. Gobinda Prasad Giri
- Mr. Arvind Kumar Mishra
Holding
The Whole Time Member held Subhojit Sen, Debika Dasgupta, Mitali Banerjee, Poulami Mukherjee, Debjani Mukherjee, Gobinda Prasad Giri and Arvind Kumar Mishra jointly and severally liable with Saradha Realty India Ltd., Sudipta Sen, Hemanta Pradhan and Monoj Kumar Nagel for the Rs. 1 crore penalty imposed under Section 15D of the SEBI Act for unregistered collective investment schemes, while upholding their exoneration under Section 15HB.
Full text
Page 2 of 13 Mr.Hemanta Pradhan (Hemanta Pradhan), Mr. Subhojit Sen (Subhojit Sen), Mrs. Debika Dasgupta (Debika Dasgupta), Mrs. Mitali Banerjee (Mitali Banerjee), Mrs. Poulami Mukherjee (Poulami Mukherjee), Mrs. Debjani Mukherjee (Debjani Mukherjee) and Mr. Gobinda Prasad Giri (Gobinda Giri) and the Secretary of Saradha Realty, viz., Mr. Arvind Kumar Mishra (Arvind Mishra). 1.4 Adjudicating Officer was appointed to inquire and adjudicate on:- i. Whether the aforesaid entities are liable for penalty under Section 15D of the SEBI Act for launching “collective investment schemes” without obtaining certificate of registration from SEBI, in contravention to the provisions of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations, and ii. Whether the entities are liable under Section 15HB of the SEBI Act for non-compliance of SEBI
Page 3 of 13 SEBI Order. Also, Noticee No. 3 (Mr. Arvind Kumar Mishra) was shown as secretary of the Noticee No. 1 and not as director. ……………
Page 4 of 13 CIS regulations within a period of three months from the date of order, then, it means, its status is still alive as unregistered CIS. Also, status of the Company/Saradha Realty India Ltd. (Noticee No.1) is still shown as active at the MCA website. Therefore, continuing with such status without having registration certificate from SEBI, is in contravention of section 12 (1B) of the SEBI Act and regulation 3 of the CIS Regulations; and thereby the Noticee No. 1, 2, 4 & 5 had violated section 15 D of the SEBI Act
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Source: SecMarx — sebi:WTM/SR/SEBI/ERO/01/01/2017. 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.