PRESS RELEASE - SEBI

June 06, 2016
PR No. 108/2016

Order in the Matter of Jeevan Suraksha Real Estate Limited

WTM has passed an order under Sections 11(1), 11(4),11A and 11B of the Securities and Exchange Board of India Act. 1992 read with Section 19 thereof and Regulation 107 read with Regulation 111 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 directing inter-alia:

  1. The Company namely Jeevan Suraksha Real Estate Limited and its promoters/directors (present and past) including Mr. Chandan Das, Mr. Ashok Chakraborty, Mr. Uttam Acharjee, Mr. Pankaj Biswas, Ms. Champa Biswas, Ms. Sangita Das, Mr. Arju Acharjee and Ms. Dipamoni Acharjee are restrained from mobilizing funds through the issue of equity shares or through any other form of securities, to the public and/ or invite subscription, in any manner whatsoever, either directly or indirectly till further directions.
     
  2. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders.
     
  3. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons shall not divert any funds raised from public at large through the issuance of the impugned equity shares, kept in its bank accounts and/ or in the custody of the Company without prior permission of SEBI until further orders.
     
  4. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, till further directions.
     
  5. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons shall cooperate with SEBI and shall furnish all the documents that they have been or shall be required to furnish.
     
  6. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons 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.
     
  7. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons shall show cause as to why suitable directions/ prohibitions, under the Sections 11(1), 11(4), 11A and 11B of the SEBI Act read with 73(2) of the Companies Act, 1956 and the ICDR Regulations, including the following, should not be taken/ imposed against them:
     
    1. directing them jointly and severally to refund the money collected through the issue of equity shares that are impugned in this Order, along with interest at 15% per annum from the date when the refunds became due to the investors till the date of repayment;
       
    2. directing them not to issue prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, for an appropriate period;
       
    3. directions restraining them from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities for an appropriate period;
       
    4. directing them and other companies in which their directors hold substantial or controlling interest, to not access the capital market for an appropriate period.
       
  8. Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons may file their replies/ submissions within a period of 21 days from the date of receipt of this Order and may also indicate whether they desire to avail an opportunity of personal hearing in the matter.
     
  9. The above directions shall come into force with immediate effect and shall continue to be in force till further directions. This Order shall be read harmoniously with the SEBI Order dated March 16, 2016 (in respect of Jeevan Suraksha Real Estate Limited and its directors).
     
  10. This Order is without prejudice to the right of SEBI to take any other action including prosecution proceedings under Section 24 of the SEBI Act and Section 621 of the Companies Act, 1956 read with the relevant provisions of the Companies Act, 2013 and adjudication proceedings under the SEBI Act, against Jeevan Suraksha Real Estate Limited and its promoters/ directors including the above named persons, in accordance with law.

The company was engaged in fund mobilizing activity through issue of Equity Shares to more than 49 persons without complying with the provisions of the Companies Act, 1956.

Mumbai
 
June 06, 2016

 

For full copy of order against ARJU ACHARJEE, click here.

For full copy of order against ASHOK CHAKRABORTY, click here.

For full copy of order against CHAMPA BISWAS, click here.

For full copy of order against CHANDAN DAS, click here.

For full copy of order against DIPAMONI ACHARJEE, click here.

For full copy of order against JEEVAN SURAKSHA REAL ESTATE LTD., click here.

For full copy of order against JEEVAN SURAKSHA REAL ESTATE LTD., click here.

For full copy of order against PANKAJ BISWAS, click here.

For full copy of order against SANGITA DAS, click here.

For full copy of order against UTTAM ACHARJEE, click here.