November 04, 2015
PR No. 259/2015

Order in the matter of M/s Megasys Medi Life Limited

Shri Prashant Saran, Whole Time Member, SEBI has passed an order on October 19, 2015, wherein M/s. Megasys Medi Life Limited and its directors, inter-alia have been directed to refund the money collected by the company through issuance of Secured Redeemable Debentures with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. They have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
The directors 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. 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 Debenture Trustee, viz. Shri Dinesh Chandra Ghosh shall not offer themselves to be engaged as debenture trustees or in any capacity as an intermediary in the securities market, without to undertake that obtaining a certificate of registration assignment as required under law. Further, The Debenture Trustee, viz. Shri Dinesh Chandra Ghosh is restrained from accessing the securities market and are further restrained from buying, selling or dealing in securities, in any manner whatsoever, for a period of 4 years.
 
The company was engaged in fund mobilizing activity through issuance of Secured Redeemable Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (issue and Listing of Debt Securities) Regulations, 2008.
 
The company and its directors shall issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily (in Bengali) 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. 
  
SEBI had passed an interim order on January 28, 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 October 19, 2015 brings to conclusion the above said proceedings with the aforesaid directions.

Mumbai
 
November 04, 2015

For full copy of order against MEGASYS MEDI LIFE LTD., SHRI MANISH ROY, SHRI ANIL PANDEY, SHRI BARUN BISWAS, SHRI SANDEEP KUMAR, SHRI KABIR ROY, SMT. SUSMITA ROY CHOUDHURY, SHRI PRABIR SENGUPTA, SHRI TUFAN KUMAR PRAMANIK and SHRI DINESH CHANDRA GHOSH. click here.