February 24, 2015
PR No. 043/2015

Order in the matter of M/s Basil International Limited

Shri Prashant Saran, Whole Time Member, Securities and Exchange Board of India (SEBI), has passed Order dated February 06, 2015 in the matter of Basil International Limited (BIL) and issued following directions:
 
(a) BIL, its promoters and present directors, including Mr. Manindra Kumar Basu, Mr. Jayanta Kumar Basu, Mr.Susanta Kumar Jana, Mr. Mohammed Afaque Ahmed, Mr. Nirmalendu Bhowmik, jointly and severally, shall forthwith refund the money collected by the Company through the issuance of Redeemable Preference Shares (herein after referred to as "'RPS'') (which have been found to be issued in contravention of the public issue norms stipulated under the Companies Act, 1956), with returns that were promised by the Company to its investors. In case of delay in making the repayments, the Company, its promoters and directors, shall jointly and severally, return the money collected from its investors with an interest of 15% per annum compounded at half yearly intervals, from the date of this Order till the date of actual payment for which the Company/its present management is permitted to sell the assets of the Company only for the sole purpose of making the refunds and deposit the proceeds in an Escrow Account opened with a nationalised Bank.
 
(b) BIL is directed not to, directly or indirectly, access the capital market by issuing prospectus, offer document or advertisement soliciting money from the public and is 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, made to the satisfaction of SEBI, as directed above. BIL along with the noticees, namely, Mr. Satya Narayan Karmakar, Mr. Sourindra Nath Mukherjee , Mr. Biplab Talukdar, Mr. Susanto Chatterjee, Ms. Monami Basu , Mr. Sadhan Kumar Nandi, Ms. Sarmistha Sengupta Saikia, Ms. Korobi Sengupta, Mr. Kaushik Chattopadhyay and Mr. Promothesh Banerjee are restrained from accessing the securities market with immediate effect. Further the said noticees are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 4 years. They 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, for a period of 4 years.
 
(c) Mr. Manindra Kumar Basu and Mr. Jayanta Kumar Basu, (the noticee who still continues as a director in the Company as per records) are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, with immediate effect. They are also restrained from associating themselves with any listed public company and any public company which intends to raise money from the public, with immediate effect. The above directions shall continue to be in force for a further period of 4 years on completion of the repayments, as directed above.
 
The Company has mobilised funds from the public against issue of Redeemable Preference Shares ("RPS") in breach of the directions of the interim order dated May 16, 2013 alleging non-compliances with the public issue norms stipulated under the provisions of the Companies Act, 1956 by the company, in respect of its issue of RPS.

Mumbai
 
February 24, 2015

For full copy of order against BASIL INTERNATIONAL LTD., MR.SATYA NARAYAN KARMAKAR, MR.SOURINDRA NATH MUKHERJEE, MR.BIPLAB TALUKDAR, MR.MANINDRA KUMAR BASU, MR.SUSANTO CHATTERJEE, MR.JAYANTA KUMAR BASU, MS.MONAMI BASU, MR.SADHAN KUMAR NANDI, MS.SARMISTHA SENGUPTA SAIKIA, MS.KOROBI SENGUPTA, MR.KAUSHIK CHATTOPADHYAY AND MR.PROMOTHESH BANERJEE click here.