PRESS RELEASE - SEBI

October 29, 2015
PR No. 252/2015

Order in the Matter of M/s. Just-Reliable Projects India Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated October 13, 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. Just-Reliable Projects India Limited and its Directors viz. Mr. Swarup Dutta, Mr. Sumanta Gorai, Mr. Susanta Ghosh, Mr. Sukanta Dutta, Mr. Koushik Bej, Mr. Najib Seikh, Mr. Anjan Jana, Mr. Kanwal Prakash Singh, Mr. Gajender Pal Singh, Mr. Sandip Dutta, Mr. Virender Kumar and Mr. Niladri Chakraborty. The Order interalia directs as under:

  • The Company, Just-Reliable Projects India Limited and its Directors, namely, Mr. Swarup Dutta, Mr. Sumanta Gorai, Mr. Susanta Ghosh, Mr. Sukanta Dutta, Mr. Koushik Bej, Mr. Najib Seikh, Mr. Anjan Jana, Mr. Kanwal Prakash Singh, Mr. Gajender Pal Singh, Mr. Sandip Dutta, Mr. Virender Kumar and Mr. Niladri Chakraborty, jointly and severally, shall forthwith refund the money collected by the Company through the issuance of Redeemable Preference Shares to the investors 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.
  • The Company/its present management are permitted to sell the assets of the Company only for the sole purpose of making the refunds as directed above and deposit the proceeds in an Escrow Account opened with a nationalised Bank.
  • The Company, its directors and other persons named above, 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, the Company shall file a certificate of such completion with SEBI, within a period of three months from the date of this Order, from 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").
  • The Company, its directors and former directors are also 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.
  • Just-Reliable Projects India Limited is directed not to, directly or indirectly, access the capital 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 directors including former directors, namely, Mr. Swarup Dutta, Mr. Sumanta Gorai, Mr. Susanta Ghosh, Mr. Sukanta Dutta, Mr. Koushik Bej, Mr. Najib Seikh, Mr. Anjan Jana, Mr. Kanwal Prakash Singh, Mr. Gajender Pal Singh , Mr. Sandip Dutta, Mr. Virender Kumar and Mr. Niladri Chakraborty are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, with immediate effect. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and 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. The above directions shall come into force with immediate effect and shall continue to be in force 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 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 to more than 49 persons without complying with the provisions of the Companies Act, 1956.

Mumbai
 
October 29, 2015

 

For full copy of order against JUST-RELIABLE PROJECTS INDIA LTD., MR.SWARUPDUTTA, MR.SUMANTAGORAI, MR.SUSANTA GHOSH, MR.SUKANTA DUTTA, MR.KOUSHIKBEJ, MR.NAJIBSEIKH, MR.ANJAN JANA, MR.KANWAL PRAKASH SINGH, MR.GAJENDER PALSINGH, MR.SANDIP DUTTA, MR.VIRENDER KUMAR AND MR.NILADRI CHAKRABORTY click here.