PRESS RELEASE - SEBI

Jul 07, 2017
PR No. 043/2017


Interim Order in the matter of M/s Aspen Industries Limited

Shri G. Mahalingam, Whole Time Member, SEBI has passed an interim order on July 06, 2017 in the matter of M/s Aspen Industries Limited (AIL), under Sections 11, 11(4), 11A and 11B of the SEBI Act read with Regulation 28 of the SEBI (Issue of Listing of Debt Securities) Regulations, 2008 and SEBI (Debenture Trustees) Regulations, 1993, with the following directions:

  1. The company, AIL and its directors, viz. Mr. Bhaskar Saha, Mr. Abhijit Dasgupta, Mr. Ujjal Kumar Roy and Debenture Trustee M/s Aspen Debenture Trust (acting through Mr. Raju Sarkar)
     
    1. shall cease to mobilize fresh funds through offer and issuance of NCDs or through offer and issuance of any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly.
       
    2. shall not buy, sell or otherwise deal in the securities market, either directly or indirectly, or associate themselves with any listed company or company intending to raise money from the public;
       
    3. shall not dispose of or alienate or encumber any of its/their assets or properties nor divert any fund raised from the public through offer and allotment of NCDs without prior permission from SEBI.
       
    4. shall co-operate with SEBI and shall furnish all information/documents in connection with the offer and issuance of securities, including the documents sought earlier.
       
    5. M/s Aspen Debenture Trust and Shri Raju Sarkar are prohibited from continuing with their present assignment as debenture trustees in respect of the issuance of NCDs of AIL and also from taking up any new assignment or involvement in any new issue of debentures, etc. in a similar capacity.
       
    6. M/s Aspen Debenture Trust and Shri Raju Sarkar shall not buy, sell or otherwise deal in the securities market, either directly or indirectly or associate themselves with any listed company or company intending to raise money from the public.
  2. AIL and its directors are also directed to provide an inventory of their assets.

The above directions shall take effect immediately and shall be in force until further orders.

The company was engaged in fund mobilizing activity through issuance of Non- Convertible Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 and the provisions of SEBI (Issue of Listing of Debt Securities) Regulations, 2008 and SEBI (Debenture Trustees) Regulations, 1993. 

 

For full copy of order against ABHIJIT DASGUPTA, click here.

For full copy of order against ASPEN DEBENTURE TRUST, click here.

For full copy of order against ASPEN INDUSTRIES LTD., click here.

For full copy of order against BHASKAR SAHA, click here.

For full copy of order against RAJU SARKAR, click here.

For full copy of order against UJJAL KUMAR ROY, click here.