May
17, 2016
PR No. 097/2016
Order against the past director of Sunplant Forgings Limited viz. Shri Ameet Singh
Shri Prashant Saran, Whole Time Member, SEBI has passed an order dated May 09, 2016 under section 19 of the
Securities and Exchange Board of India Act, 1992 read with sections 11(1), 11(4), 11A and 11B thereof against
Shri Ameet Singh. The Order inter-alia directs as under:
(a) The noticee, Mr. Ameet Singh shall, jointly and severally along with the Company and others as ordered vide
SEBI Order dated April 29, 2015, forthwith refund the money collected by the Company through the offer and
issuance of Redeemable Preference Shares (which have been found to be issued in contravention of the public
issue norms stipulated under the Companies Act, 1956), to the investors including the money collected from
investors, 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 (in terms of Section 73(2) of the Companies Act, 1956)
to the investors till the date of actual payment.
(b) Mr. Ameet Singh shall provide a full inventory of his assets and properties and details of all bank accounts,
demat accounts and holdings of shares/securities, if held in physical form.
(c) All other directions issued vide SEBI Order dated April 29, 2015 in respect of making refunds and reporting of
the same shall apply mutatis mutandis to Mr. Ameet Singh.
(d) In case of failure of the noticee to refund the monies as directed in this Order or on failure to comply with the
directions, SEBI, on expiry of three months 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 noticee, including adjudication proceedings, in
accordance with law.
- would make a reference to the State Government/ Local Police to register a civil/ criminal
case against the noticee, 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 for necessary action.
(e) Mr. Ameet Singh is 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. He is also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and
associating himself 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.
(f) The above directions shall come into force with immediate effect.
Mumbai
May 17, 2016
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