February
22, 2016
PR No. 028/2016
Order in the matter of M/s. Suvidha Land Developers India Limited
Shri Prashant Saran, Whole Time Member, SEBI has passed an order on February 16, 2016, wherein M/s. Suvidha
Land Developers India Limited, its promoters/ directors namely Vinod Kumar Shankhwar, Rajendra Karn Rajpoot
and Rajneesh Dutta, inter-alia have been directed to jointly and severally, shall forthwith refund the money collected
by the company through issuance of Redeemable Preference Shares to the investors including the money
collected from investor 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 repayment becomes due to the investors till the date of
actual payment only through Bank demand draft or pay order.
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
nationalized Bank.
Suvidha Land Developers India Limited and its directors, Vinod Kumar Shankhwar, Rajendra Karn Rajpoot and
Rajneesh Dutta, shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in
one local daily 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.
Suvidha Land Developers India Limited and its directors, Vinod Kumar Shankhwar, Rajendra Karn Rajpoot and
Rajneesh Dutta 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.
In case of failure of Suvidha Land Developers India Limited and its directors, Vinod Kumar Shankhwar, Rajendra
Karn Rajpoot and Rajneesh Dutta in complying with the aforesaid directions, SEBI, on the expiry of the three
months period from the date of this order, -
- Shall recover such amounts in accordance with section 28A of the SEBI Act including such other provisions
contained in securities laws.
- May initiate appropriate action against the Company, its promoters/ directors and the persons/ officers who
are in default, including adjudication proceedings against them, in accordance with law.
- Would make a reference to the State Government/ Local Police to register a civil/ criminal case against the
Company, its promoters, directors and its managers/ persons in-charge of the business and its schemes, for
offences of fraud, cheating, criminal breach of trust and misappropriation of public funds; and
- Would also make a reference to the Ministry of Corporate Affairs, to initiate the process of winding up of the
Company.
- Would also make a reference to the Ministry of Corporate Affairs to flag the names of notice directors in its
database so that information may be perused by RoC or any other regulatory authority.
Suvidha Land Developers 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.
Vinod Kumar Shankhwar, Rajendra Karn Rajpoot and Rajneesh Dutta 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.
The company was engaged in fund mobilizing activity through issuance of Redeemable Preference Shares, to more
than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 read with
Companies Act, 2013 and provisions of the SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares)
Regulations, 2013.
SEBI had passed an interim order on February 12, 2015 in the matter, whereby inter-alia, it directed the company
and its promoters/ directors not to collect any more money from investors through issuance of securities in any
manner whatsoever. The present order dated February 16, 2016 brings to conclusion the above said proceedings
with the aforesaid directions.
Mumbai
February 22, 2016
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