November 06, 2015
PR No. 262/2015

order in the Matter of M/s. Weird Industries Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated October 21, 2015 inter - alia directing:

1. The Company, namely, Weird Industries Limited and its directors viz and its Directors, Shri Chand Mohan Ghosh, Shri Ramprosad Mondal, Shri Gopal Dalapati, Shri Sanjay Kumar Das, Shri Jadunath Jena, Shri Mohammed Ariff Billa, Shri Bhabagrahi Behera, Shri Sachin Kumar Thakur, Shri Pradip Ghosh and Shri SK Asadul, 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.
    
2. Weird 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.
    
3. The Company, namely, Weird Industries Limited and its directors viz and its Directors, Shri Chand Mohan Ghosh, Shri Ramprosad Mondal, Shri Gopal Dalapati, Shri Sanjay Kumar Das, Shri Jadunath Jena, Shri Mohammed Ariff Billa, Shri Bhabagrahi Behera, Shri Sachin Kumar Thakur, Shri Pradip Ghosh and Shri SK Asadul, 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.
    
4. After completing the aforesaid repayments, Weird Industries Limited and its directors viz and its Directors, Shri Chand Mohan Ghosh, Shri Ramprosad Mondal, Shri Gopal Dalapati, Shri Sanjay Kumar Das, Shri Jadunath Jena, Shri Mohammed Ariff Billa, Shri Bhabagrahi Behera, Shri Sachin Kumar Thakur, Shri Pradip Ghosh and Shri SK Asadul, shall, file a report of such completion with SEBI, within a period of 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").
    
5. Weird Industries Limited and its directors viz and its Directors, Shri Chand Mohan Ghosh, Shri Ramprosad Mondal, Shri Gopal Dalapati, Shri Sanjay Kumar Das, Shri Jadunath Jena, Shri Mohammed Ariff Billa, Shri Bhabagrahi Behera, Shri Sachin Kumar Thakur, Shri Pradip Ghosh and Shri SK Asadul, 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.
    
6. Weird Industries Limited and its directors viz and its Directors, Shri Chand Mohan Ghosh, Shri Ramprosad Mondal, Shri Gopal Dalapati, Shri Sanjay Kumar Das, Shri Jadunath Jena, Shri Mohammed Ariff Billa and Shri Bhabagrahi Behera, 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 four (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 four (4) years from the date of completion of refunds to investors.
    
7. Shri. Hari Pada Seth, is 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 four (4) years.

It is observed that the company was engaged in fund mobilizing activity through issue of Redeemable Preference Shares and Non–Convertible Debentures to more than 49 persons without complying with the provisions of the Companies Act, 1956.

Mumbai
 
November 06, 2015

For full copy of order against WEIRD INDUSTRIES LTD, SHRI CHAND MOHAN GHOSH, SHRI RAMPROSAD MONDAL, SHRI GOPAL DALAPATI, SHRI SAHAJAHAN KHAN, SHRI SANJAY KUMAR DAS, SHRI JADUNATH JENA, SHRI MOHAMMED ARIFF BILLA, SHRI BHABAGRAHI BEHERA, SHRI SACHIN KUMAR THAKUR, SHRI PRADIP GHOSH, SHRI SK ASADUL and SHRI. HARI PADA SETH. click here.