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8
June 2017
SEBI
passed an order in respect of Pinku Kumar Das of Newland Agro Industries
Limited under Sections 11 and 11B of the SEBI Act, directing Das, along with
Newland Agro Industries Ltd. and other directors, to jointly and severally,
refund the money collected by the company through the issuance of RPS
(redeemable preference shares). The shares have been found to be issued in
contravention of the public issue norms. The refund is to be done with an
interest at the rate of 15% per annum compounded at half yearly intervals, from
the date when the repayments became due (in terms of Section 73(2) of the
Companies Act, 1956) to the investors till the date of actual payment.
The
SEBI Order specified that Das should provide the updated detailed inventory of
all assets and properties and details of all bank accounts, demat accounts and
holdings of shares/ securities, if held in physical form. The Total Investment & Insurance
Solutions
The
SEBI Order directed that Das should not to access the securities market and is
further prohibited from buying, selling or otherwise dealing in securities,
directly or indirectly, with immediate effect. He is also restrained from
associating himself with any listed public company and any public company which
intends to raise money from the public, with immediate effect. This restraint
shall continue to be in force for a further period of four years on completion
of the repayments.
On the
expiry of the three months period from the date of the SEBI order, failure to
comply on the part of Das and Newland Agro Industries, SEBI shall recover such
amounts in accordance with law and may initiate any other proceedings as per
law.The Total Investment &
Insurance Solutions
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