New Delhi: SEBI has directed Zakraya Sugar LimitedAnd its directors will have to return the money collected from investors without following the regulatory norms. Further, these entities are barred from buying, selling or otherwise transacting in the securities market “until the expiry of a period of three years from the date of implementation of the refund”.
The directors of JSL are – Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Lata Satyavan Bamne, Shubhangi Satyavan, Sridhar Vinayakrao Mane, Priyanka Rahul Jadhav, Paresh Suhas Dange, Bajrang Shivaji Jadhav and Bandopant Madhukar. Sathe.
Further, SEBI has arrested Zakaria Sugar Limited (JSL), Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamne and Satyavan, jointly and severally, for money collected from investors 15 Instructed to return it with annual interest of Rs. Percent.
In its interim order cum show cause notice, SEBI also directed that JSL shall stop raising fresh funds from investors through offering and allotment of any securities to the public, directly or indirectly, until further orders.
The order comes after SEBI examined the issuance and allotment of non-convertible redeemable preference shares (NCRPS) by JSL.
“I note that JSL raised Rs 20.947 crore by issuing NCRPS to 849 investors in FY 2008-09, 476 investors in FY 2009-10, 2,786 investors in FY 2012-13 and 601 investors in FY 2013-14 Are in violation of public issue norms as prescribed companies Act1956 and DIP (Disclosure and Investor Protection) Guidelines,” SEBI whole-time member Ashwini Bhatia said in the order on Friday.
Further, JSL admitted that since it had not made any public issue of NCRPS, it was not required to file a prospectus under the norms.
However, the issuance of NCRPS by JSL in the financial years 2008-09, 2009-10, 2012-13 and 2013-14 is considered a prima facie public issue under SEBI rules.
Therefore, JSL should have registered a prospectus with the Registrar of Companies under the Companies Act, but it failed to do so, thereby violating norms, the market watchdog said.
It said the company and each director who is the defaulting officer are jointly and severally liable for the repayment of funds raised by JSL in contravention of the rules.
Accordingly, SEBI has prohibited Birappa Bhagwan, Rahul Jadhav, Sachin Birappa, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamne, Satyavan, Mane, Priyanka Rahul, Dange, Bajrang Shivaji and Sathe from associating themselves with any SEBI-registered intermediary. slap down. Period of three years from the date of completion of refund to investors.
In two separate orders on Friday, the regulator imposed a fine of Rs 3 lakh each on Sudhakar Anchan and Suresh Kotian for failing to comply with summons issued by Sebi in the SharePro Services case.
The directors of JSL are – Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Lata Satyavan Bamne, Shubhangi Satyavan, Sridhar Vinayakrao Mane, Priyanka Rahul Jadhav, Paresh Suhas Dange, Bajrang Shivaji Jadhav and Bandopant Madhukar. Sathe.
Further, SEBI has arrested Zakaria Sugar Limited (JSL), Birappa Bhagwan Jadhav, Rahul Jadhav Birappa, Sachin Birappa Jadhav, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamne and Satyavan, jointly and severally, for money collected from investors 15 Instructed to return it with annual interest of Rs. Percent.
In its interim order cum show cause notice, SEBI also directed that JSL shall stop raising fresh funds from investors through offering and allotment of any securities to the public, directly or indirectly, until further orders.
The order comes after SEBI examined the issuance and allotment of non-convertible redeemable preference shares (NCRPS) by JSL.
“I note that JSL raised Rs 20.947 crore by issuing NCRPS to 849 investors in FY 2008-09, 476 investors in FY 2009-10, 2,786 investors in FY 2012-13 and 601 investors in FY 2013-14 Are in violation of public issue norms as prescribed companies Act1956 and DIP (Disclosure and Investor Protection) Guidelines,” SEBI whole-time member Ashwini Bhatia said in the order on Friday.
Further, JSL admitted that since it had not made any public issue of NCRPS, it was not required to file a prospectus under the norms.
However, the issuance of NCRPS by JSL in the financial years 2008-09, 2009-10, 2012-13 and 2013-14 is considered a prima facie public issue under SEBI rules.
Therefore, JSL should have registered a prospectus with the Registrar of Companies under the Companies Act, but it failed to do so, thereby violating norms, the market watchdog said.
It said the company and each director who is the defaulting officer are jointly and severally liable for the repayment of funds raised by JSL in contravention of the rules.
Accordingly, SEBI has prohibited Birappa Bhagwan, Rahul Jadhav, Sachin Birappa, Umadevi Birappa Jadhav, Manisha Sachin Jadhav, Bamne, Satyavan, Mane, Priyanka Rahul, Dange, Bajrang Shivaji and Sathe from associating themselves with any SEBI-registered intermediary. slap down. Period of three years from the date of completion of refund to investors.
In two separate orders on Friday, the regulator imposed a fine of Rs 3 lakh each on Sudhakar Anchan and Suresh Kotian for failing to comply with summons issued by Sebi in the SharePro Services case.