November 09, 2016
PR No. 155/2016
Order in the Matter of M/s. KKDIL Nidhi Limited
Shri R. K. Agarwal, Whole Time Member, SEBI has passed an order dated October 28, 2016 under section 11,
11(4), 11A and 11B of the Securities and Exchange Board of India Act, 1992 against the company M/s. KKDIL Nidhi
Limited and its Promoters/Directors, viz. Mr. Baman Charana Das, Ms. Sujata Das, Mr. Bipin Chandra Das, Mr.
Santosh Kumar Panda, Mrs. Kalyani Das, Mr. Lingaraj Panigrahy, Mr. Hara Prasad Das and Mr. Kailash Chandra
Bishoi. The Order directs as under:
| (i) |
KKDIL Nidhi Limited and its promoters/ directors including Mr. Baman Charana Das, Ms. Sujata Das, Mr.
Bipin Chandra Das, Mr. Santosh Kumar Panda and Mr. Hara Prasad Das shall within a period of three months
from the date of this order, jointly and severally refund the money collected through the issue of equity shares to the
subscribers/ allottees with interest at the rate of 15% per annum from the date of receipt of
money till the date of such refund. |
| (ii) |
Such refund shall be made only in cash through a Demand Draft or Pay Order. |
| (iii) |
KKDIL Nidhi Limited and its directors shall within fifteen days from the date of this Order submit to SEBI
complete details of their assets (along with proofs thereof) certified by a peer reviewed Chartered Accountant. |
| (iv) |
KKDIL Nidhi Limited and its directors are permitted to sell assets of the company and deposit the sale
proceeds in an Escrow Account opened with a nationalized bank. Such proceeds shall be utilized for the sole
purpose of making refund/ repayment to the allottees of equity shares till the full refund/ repayment as directed
above is made. |
| (v) |
KKDIL Nidhi Limited and its directors shall issue a public notice, in all editions of one English national
daily and one vernacular daily 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. |
| (vi) |
Within seven days of completion of refund/ repayment as directed hereinabove, KKDIL Nidhi Limited
and its directors shall file a certificate of such completion with SEBI from two independent peer reviewed Chartered
Accountants who are in the panel of any public authority or public institution. Such certificate shall be issued by the
Chartered Accountants after verifying the relevant documents including bank accounts of the noticees
and satisfying themselves that the refund has actually been made. |
| (vii) |
For the purpose of this order, a peer reviewed Chartered Accountant shall mean a Chartered Accountant, who
has been categorized so by the Institute of Chartered Accountants of India. |
| (viii) |
KKDIL Nidhi Limited, Mr. Baman Charana Das, Ms. Sujata Das, Mr. Bipin Chandra Das, Mr. Santosh Kumar
Panda, Ms. Kalyani Das, Mr. Lingaraj Panigrahy, Mr. Hara Prasad Das and Mr. Kailash Chandra Bishoi are
restrained from, directly or indirectly, accessing the capital market by issuing prospectus, any offer document or
advertisement soliciting money from the public and are further prohibited from buying, selling or
otherwise dealing in the securities market, directly or indirectly, in whatsoever manner for a period of four years or till the date of refund
of money to the allottees, whichever is later. |
| (ix) |
Mr. Baman Charana Das, Ms. Sujata Das, Mr. Bipin Chandra Das, Mr. Santosh Kumar Panda, Ms. Kalyani
Das, Mr. Lingaraj Panigrahy, Mr. Hara Prasad Das and Mr. Kailash Chandra Bishoi are also restrained from
associating themselves, with any listed public company and any public company which intends to raise money from
the public, for a period of four years or till the date of refund of money to the allottees, whichever is
later. |
| (x) |
For the purposes of sub-paragraphs (viii) and (ix) above, the period of restraint shall be counted from the
date of the interim order. |
This Order shall come into force with immediate effect.
It is observed that 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
November 09, 2016
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For full copy of order against
KKDIL Nidhi Ltd., Mr.Baman Charana Das, Ms.Sujata Das, Mr.Bipin Chandra Das, Mr.Santosh Kumar Panda, Ms.Kalyani Das, Mr.Lingaraj Panigrahy, Mr.Hara Prasad Das and
Mr.Kailash Chandra Bishoi click here.
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