November 09, 2016
PR No. 156/2016
Order in the Matter of M/s. Green India Infra Projects 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. Green India
Infra Projects Limited and its Promoters/Directors, viz. Mr. Pradeep Kumar Singh, Mr. Panchanan Pradhan, Mr.
Trinath Panda, Ms. Snehlata Singh, Ms. Suchitra Rani Panda, Mr. Sandeep Kumar Singh, Mr. Debasis Padhy and
Mr. Sanjeeb Kumar Das. The Order directs as under:
| (i) |
Green India Infra Projects Limited and its directors namely Mr. Pradeep Kumar Singh, Mr. Panchanan
Pradhan, Mr. Trinath Panda, Ms. Snehlata Singh, Ms. Suchitra Rani Panda, Mr. Sandeep Kumar Singh and Mr.
Debasis Padhy shall within a period of three months from the date of this order, jointly and severally refund the
money collected through the issue of Secured Optionally Convertible Debentures to the 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) |
Green India Infra Projects Limited and its directors shall within fifteen days from the date of this Order submit
to SEBI complete details of their assets (alongwith proofs thereof) certified by a peer reviewed
Chartered Accountant. |
| (iv) |
Green India Infra Projects 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 till the full refund/ repayment as directed above is made. |
| (v) |
Green India Infra Projects 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, Green India Infra Projects
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) |
Green India Infra Projects Limited and its directors/ promoters namely Mr. Pradeep Kumar Singh, Mr.
Panchanan Pradhan, Mr. Trinath Panda, Ms. Snehlata Singh, Ms. Suchitra Rani Panda, Mr. Sandeep Kumar Singh,
Mr. Debasis Padhy and Mr. Sanjeeb Kumar Das 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. Pradeep Kumar Singh, Mr. Panchanan Pradhan, Mr. Trinath Panda, Ms. Snehlata Singh, Ms. Suchitra
Rani Panda, Mr. Sandeep Kumar Singh, Mr. Debasis Padhy and Mr. Sanjeeb Kumar Das 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) the period of restraint shall be counted from the date of the
interim order. |
The above directions shall come into force with immediate effect.
It is observed that the company was engaged in fund mobilizing activity through issue of Secured Optionally
Convertible Debentures (SOCD) 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
Green India Infra Projects Ltd., Mr.Pradeep Kumar Singh, Mr.Panchanan Pradhan, Mr.Trinath Panda, Ms.Snehlata Singh, Ms.Suchitra Rani Panda, Mr.Sandeep Kumar Singh, Mr. Debasis Padhy and Mr.Sanjeeb Kumar Das
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