May
20, 2016
PR No. 099/2016
Order against the past director of Bharat Krishi
Samridhi Industries Limited viz. Shri Basir Uddin Khan
Shri Prashant Saran, Whole Time Member, SEBI has passed
an order dated May 10, 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
Basir Uddin Khan. The Order inter-alia directs as under:
(a) The noticee, Mr. Basir Uddin Khan shall, jointly
and severally along with the Company and others as ordered
vide SEBI Order dated October 09, 2015, forthwith refund
the money collected by the Company through the offer and
issuance of Redeemable Preference Shares and
Non-Convertible Debentures (which have been found to be
issued in contravention of the public issue norms
stipulated under the Companies Act, 1956 and SEBI
Regulations), 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. Basir Uddin Khan 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
October 09, 2015 in respect of making refunds and
reporting of the same shall apply mutatis mutandis to Mr.
Basir Uddin Khan.
(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. Basir Uddin Khan 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 20, 2016
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