June
08, 2017
PR No. 031/2017
Order in respect of Pinku Kumar Das in the matter of Newland Agro Industries Limited
Shri G. Mahalingam, Whole Time Member, SEBI, has passed an order dated June 02, 2017 in respect of Pinku Kumar Das in the matter of Newland Agro Industries Limited under Sections 11 and 11B of the SEBI Act, inter - alia directing:
- Pinku Kumar Das along with Newland Agro Industries Ltd. and other directors, as mentioned on order dated October 19, 2015, shall jointly and severally, refund the money collected by the Company through the issuance of RPS, which have been found to be issued in contravention of the public issue norms, to the investors including the money collected from investors, till date, pending allotment of RPS, if any, with an interest at the rate 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.
- He should provide the updated detailed inventory of all assets and properties and details of all bank accounts, demat accounts and holdings of shares/ securities, if held in physical form.
- He should not to access the securities market and is further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, with immediate effect. He is also restrained from associating himself with any listed public company and any public company which intends to raise money from the public, with immediate effect. This restraint shall continue to be in force for a further period of four years on completion of the repayments as mentioned on order dated October 19, 2015.
- In case of failure to comply with the aforesaid directions SEBI, on the expiry of the three months period from the date of this order, shall recover such amounts in accordance with law and may initiate any other proceedings as per law.
|