sebi:WTM/SR/SEBI-WRO:ILO/IMD/140/06/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim order cum show cause notice issued; VIIL, VITHL and their directors restrained from mobilizing funds, accessing securities market, and directed to refund amounts, provide information, and show cause; Debenture Trustee prohibited from acting as debenture trustee.
Provisions invoked
- s. 11
- s. 12(1)
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 73(2)
- s. 56(1)
- s. 117C
- s. 56(3)
Regulations
- Reg. 7
- Reg. 6
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Vishwamitra International Infra Ltd (VIIL)
- Vishwamitra India Tour & Hotels Ltd (VITHL)
- Shri Manoj Kumar Chand
- Smt Bandana Chand
- Shri Manish Kumar Chand
- Shri Pankaj Kumar Chand
- Shri Hari Govind Singh
- Vishwamitra Debenture Trust (represented by Shri Sanjay Kumar Pandit)
Holding
VIIL was prima facie found to have conducted a public issue of Non-Convertible Redeemable Secured Debentures by routing it through VITHL to circumvent Section 67(3) of the Companies Act, 1956, thereby violating the Companies Act and the Debt Securities Regulations. Vishwamitra Debenture Trust was found to have acted as an unregistered debenture trustee in violation of Section 12(1) of the SEBI Act and the Debenture Trustees Regulations.
Full text
Page 2 of 29 3. The website (referred in the email) http://vishwamitraindiapariwar.webs.com identified one Shri Jayesh Modi, having address at C-16 Ground Floor, Radhe Shopping Mall, Nr. National Handloom, Opposite Khokhra Circle, Khokhra, Ahmedabad as the "owner" of the company.
Page 3 of 29 s. Details of action initiated/taken by any other authority against VIIL or any other group entity. 4.2 The aforesaid letters sent to VIIL’s Bhopal Office and to Shri Jayesh Modi were returned undelivered. There was no response to the letters delivered at VIIL’s Kolkatta Office and to VIIL’s three Directors, viz. Shri Manoj Kumar Chand, Shri Bandana Chand and Shri Manish Kumar Chand.
Page 4 of 29 non-receipt of reply, a physical verification was conducted on October 20, 2014 by SEBI officer at the registered office address of VIIL at Bhopal, Madhya Pradesh. SEBI’s letter dated August 19, 2014 seeking information regarding fund mobilization by issuing non- convertible redeemable secured debentures to public was also personally delivered to the official of VIIL.
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/SR/SEBI-WRO:ILO/IMD/140/06/2015. 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.