Jul 26, 2019
PR No. 018/2019

Special Court Convicts Four Directors of Kolkata based Company for Non-Compliance of Summons Issued by SEBI

SEBI Special Court convicted four directors of the Roofers Realty Limited for not complying with the summons issued by the investigating authority of the Securities and Exchange Board of India (SEBI). SEBI had launched investigation into alleged illegal mobilization of funds from the public by Roofers Realty Limited. The investigating Authority appointed by the Board had summoned four directors of the company, viz., Mr. Sauravmoy Ghosh, Jayanti Sounth, Hirak Nath Sounth and Khudiram Sounth to appear before the Authority in relation to the aforesaid investigation. Despite receiving the summons, the directors did not appear before the investigating authority. 
 
Therefore, SEBI launched prosecution proceedings against the aforesaid persons under Section 11C (6) of the Securities and Exchange Board of India Act, 1992. The Special Court convicted the accused on the ground that the directors failed to appear before the investigating authority despite due receipt of the summons. The Court sentenced three directors, viz. Mr. Sauravmoy Ghosh, Jayanti Sounth and Hirak Nath Sounth to one year simple imprisonment and imposed a fine of Rupees Five Lakhs. The Court has also imposed a fine of Rs.2,50,000/- on Mr. Khudiram Sounth considering his old age.

For full copy of order against HIRAK NATH SOUNTH, click here.

For full copy of order against JAYANTI SOUNTH, click here.

For full copy of order against KHUDIRAM SOUNTH, click here.

For full copy of order against SAURAVMOY GHOSH, click here.