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October 29, 2015
PR No. 251/2015
Order in the Matter of M/s. Bharat Krishi Samridhi Industries Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated October 09, 2015 under section 19 of
the Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(4), 11A and 11B against the
company viz. M/s. Bharat Krishi Samridhi Industries Limited and its Directors viz. Shri Prabir Kumar Chattopadhyay,
Shri Pradip Kumar Das , Shri Gulzar Ahmed and Shri Firoz Hossain and its debenture trustees viz. Bharat Krishi
Secured Debenture Trust (through its Trustee viz. Shri Swadesh Banerjee); Bharat Krishi Secured Debenture
Development Trust (through its Trustees viz. Shri Amit Samanta and Shri. Jagdish Chandra Nag). The Order interalia
directs as under:
- The Company, namely, Bharat Krishi Samridhi Industries Limited and its Directors, viz. Shri Prabir Kumar
Chattopadhyay , Shri Pradip Kumar Das, Shri Gulzar Ahmed and Shri Firoz Hossain, shall forthwith refund the
money collected by the Company through the issuance of RPS and NCDs, including the money collected from
investors, till date, pending allotment of securities, if any, with an interest of 15% per annum compounded at
half yearly intervals, from the date when the repayments became due to the investors till the date of actual
payment.
- Bharat Krishi Samridhi Industries Limited and its present management is permitted to sell the assets of the
Company only for the sole purpose of making the repayments including interest, as directed above and
deposit the proceeds in an Escrow Account opened with a nationalized Bank.
- Bharat Krishi Samridhi Industries Limited and its Directors, viz., Shri Prabir Kumar Chattopadhyay, Shri Pradip
Kumar Das, Shri Gulzar Ahmed and Shri Firoz Hossain, shall issue public notice, in all editions of two National
Dailies (one English and one Hindi) and in one local daily (in Bengali) with wide circulation, detailing the
modalities for refund, including details of contact persons including names, addresses and contact details,
within fifteen days of this Order coming into effect.
- After completing the aforesaid repayments, Bharat Krishi Samridhi Industries Limited and its Directors, viz.
Shri Prabir Kumar Chattopadhyay, Shri Pradip Kumar Das, Shri Gulzar Ahmed and Shri Firoz Hossain, shall
file a report of such completion of repayment with SEBI, within three months from the date of this Order,
certified by two independent peer reviewed Chartered Accountants who are in the panel of any public
authority or public institution. For the purpose of this Order, a peer reviewed Chartered Accountant shall mean
a Chartered Accountant, who has been categorized so by the Institute of Chartered Accountants of India
("ICAI").
- Bharat Krishi Samridhi Industries Limited and its Directors, viz. Shri Prabir Kumar Chattopadhyay, Shri Pradip
Kumar Das, Shri Gulzar Ahmed and Shri Firoz Hossain, are directed to provide a full inventory of all their
assets and properties and details of all their bank accounts, demat accounts and holdings of
shares/securities, if held in physical form.
- Bharat Krishi Samridhi Industries Limited and its directors Shri Prabir Kumar Chattopadhyay, Shri Pradip
Kumar Das, Shri Gulzar Ahmed are directed to provide SEBI with all details sought vide SEBI letters dated
December 6, 2013, January 30, 2014 and March 24, 2014, within 21 days from the date of receipt of this
Order.
- Bharat Krishi Samridhi Industries Limited and its Directors, viz., Shri Prabir Kumar Chattopadhyay, Shri Pradip
Kumar Das, Shri Gulzar Ahmed and Shri Firoz Hossain are directed not to, directly or indirectly, access the
securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market,
directly or indirectly in whatsoever manner, from the date of this Order, till the expiry of 4 years from the date
of completion of refunds to investors as directed above. The above said directors are also restrained from
associating themselves with any listed public company and any public company which intends to raise money
from the public, or any intermediary registered with SEBI from the date of this Order till the expiry of 4 years
from the date of completion of refunds to investors.
- Bharat Krishi Secured Debenture Trust, Shri Swadesh Banerjee, Bharat Krishi Secured Debenture
Development Trust, Shri Amit Samanta and Shri. Jagdish Chandra Nag are restrained from, acting as any
intermediary, accessing the securities market and further restrained from buying, selling or dealing in
securities, in any manner whatsoever, directly or indirectly, for a period of 4 years.
- The above directions shall come into force with immediate effect.
It is observed that the company was engaged in fund mobilizing activity through issue of Redeemable Preference
Shares and Secured Non–Convertible Redeemable Debentures to more than 49 persons without complying with the
provisions of the Companies Act, 1956 and the provisions of the SEBI (Issue and Listing of Debt Securities)
Regulations, 2008.
Mumbai
October 29, 2015
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