w w w . L a w y e r S e r v i c e s . i n



Sunipa Das v/s Securities and Exchange Board of India SEBI Bhavan


Company & Directors' Information:- INDIA SECURITIES LIMITED [Amalgamated] CIN = L99999TN1984PLC075902

Company & Directors' Information:- K K SECURITIES LIMITED [Active] CIN = U74899DL1994PLC060238

Company & Directors' Information:- M K SECURITIES LIMITED [Active] CIN = L67120TG1994PLC018455

Company & Directors' Information:- A TO Z SECURITIES LIMITED [Active] CIN = U74899DL1994PLC063412

Company & Directors' Information:- A TO Z SECURITIES LIMITED [Active] CIN = L74899DL1994PLC063412

Company & Directors' Information:- I C P SECURITIES LIMITED [Under Process of Striking Off] CIN = U74899DL1994PLC060472

Company & Directors' Information:- P R B SECURITIES PVT LTD [Active] CIN = U67120WB1995PTC067948

Company & Directors' Information:- A. K. P. SECURITIES PVT. LTD. [Strike Off] CIN = U67120WB1995PTC068061

Company & Directors' Information:- G DAS & CO PVT LTD [Active] CIN = U74992WB1935PTC008299

Company & Directors' Information:- P F I L SECURITIES LIMITED [Active] CIN = U74899DL1995PLC068811

Company & Directors' Information:- S J SECURITIES LIMITED [Active] CIN = L65923GJ1995PLC025086

Company & Directors' Information:- R R SECURITIES LTD [Active] CIN = L67910GJ1993PLC020169

Company & Directors' Information:- K R SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059298

Company & Directors' Information:- B. N. SECURITIES LIMITED [Active] CIN = U67120WB1994PLC110809

Company & Directors' Information:- A AND W SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2005PTC137641

Company & Directors' Information:- H J SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1998PTC117076

Company & Directors' Information:- J V S SECURITIES PVT LTD [Active] CIN = U67120WB1994PTC066278

Company & Directors' Information:- D H SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2000PTC123636

Company & Directors' Information:- N E C C SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1991PTC044908

Company & Directors' Information:- V G SECURITIES LIMITED [Strike Off] CIN = U65993TG1995PLC020179

Company & Directors' Information:- N B S SECURITIES PRIVATE LTD [Active] CIN = U65921WB1996PTC079346

Company & Directors' Information:- B J SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB2000PTC092061

Company & Directors' Information:- L F C SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2004PTC149792

Company & Directors' Information:- A N SECURITIES PRIVATE LIMITED [Active] CIN = U65999WB1997PTC084741

Company & Directors' Information:- B AND H SECURITIES PRIVATE LIMITED [Active] CIN = U74999MH1974PTC017380

Company & Directors' Information:- A G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65921DL1993PTC052453

Company & Directors' Information:- M N SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1999PTC102464

Company & Directors' Information:- B P SECURITIES (INDIA) PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077411

Company & Directors' Information:- I M SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1996PTC077356

Company & Directors' Information:- K L G SECURITIES LIMITED [Active] CIN = U74899DL1993PLC052974

Company & Directors' Information:- K L B SECURITIES PVT LTD [Active] CIN = U67120GJ1995PTC024411

Company & Directors' Information:- V H SECURITIES LIMITED [Active] CIN = U74899DL1995PLC072918

Company & Directors' Information:- R K G SECURITIES LIMITED [Active] CIN = U74899DL1993PLC055457

Company & Directors' Information:- G S SECURITIES LTD [Active] CIN = U67120WB1995PLC073255

Company & Directors' Information:- R K SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC064716

Company & Directors' Information:- S S G SECURITIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U67120KL1995PTC009473

Company & Directors' Information:- L N SECURITIES PVT LTD [Active] CIN = U65993WB1992PTC057302

Company & Directors' Information:- M D SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1975PTC007928

Company & Directors' Information:- M D K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67110WB2000PTC092641

Company & Directors' Information:- A K D SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH1997PTC112152

Company & Directors' Information:- E-2 SECURITIES PRIVATE LIMITED [Active] CIN = U65921DL1991PTC044031

Company & Directors' Information:- A R P SECURITIES LIMITED [Active] CIN = U67120MP1994PLC008872

Company & Directors' Information:- P K J SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1991PTC044706

Company & Directors' Information:- V AND U SECURITIES PRIVATE LIMITED [Active] CIN = U67120GJ1995PTC026131

Company & Directors' Information:- DAS SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC073535

Company & Directors' Information:- S. D. L SECURITIES LIMITED [Active] CIN = U67120PB1995PLC016810

Company & Directors' Information:- J M SECURITIES PRIVATE LIMITED [Amalgamated] CIN = U67120MH1989PTC050648

Company & Directors' Information:- R G SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC051476

Company & Directors' Information:- M M SECURITIES LIMITED [Under Process of Striking Off] CIN = U74920BR1995PLC006716

Company & Directors' Information:- R K D K SECURITIES LTD. [Amalgamated] CIN = L67120WB1994PLC063609

Company & Directors' Information:- C B S SECURITIES PVT LTD [Strike Off] CIN = U67120WB1996PTC079679

Company & Directors' Information:- S AND F SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1993PTC054557

Company & Directors' Information:- R. J. SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB2008PTC131387

Company & Directors' Information:- A R S SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1993PTC055638

Company & Directors' Information:- G V SECURITIES LIMITED [Strike Off] CIN = U67120PB1996PLC017506

Company & Directors' Information:- P G SECURITIES PRIVATE LIMITED [Active] CIN = U67120RJ1995PTC009985

Company & Directors' Information:- C & S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120TN1994PTC028091

Company & Directors' Information:- K AND P SECURITIES LIMITED [Strike Off] CIN = U65910MH1995PLC092715

Company & Directors' Information:- A J M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1997PTC011202

Company & Directors' Information:- A & B SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65993TN1995PTC032716

Company & Directors' Information:- P S R SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1996PTC079088

Company & Directors' Information:- S V SECURITIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U08032BR1995PTC006339

Company & Directors' Information:- P N SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC070358

Company & Directors' Information:- V R B SECURITIES INDIA PRIVATE LIMITED [Active] CIN = U67120KL2008PTC021718

Company & Directors' Information:- S K B SECURITIES LIMITED [Active] CIN = U65999WB1996PLC082316

Company & Directors' Information:- DAS & CO PVT LTD [Strike Off] CIN = U72100AS1946PTC000740

Company & Directors' Information:- J AND J SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1998PTC012015

Company & Directors' Information:- T K SECURITIES PRIVATE LIMITED [Active] CIN = U67120PB1995PTC016238

Company & Directors' Information:- A M SECURITIES PRIVATE LIMITED [Active] CIN = U67120KL1997PTC011182

Company & Directors' Information:- P K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061444

Company & Directors' Information:- K C DAS PVT LTD [Active] CIN = U15433WB1946PTC013592

Company & Directors' Information:- A B SECURITIES PVT LIMITED [Active] CIN = U67120AS1997PTC005177

Company & Directors' Information:- J J SECURITIES LIMITED [Strike Off] CIN = U65993TN1994PLC029598

Company & Directors' Information:- G J SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL1998PTC094843

Company & Directors' Information:- P H SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120PB1996PTC018608

Company & Directors' Information:- P K T SECURITIES PRIVATE LIMITED [Active] CIN = U65921UP1995PTC017797

Company & Directors' Information:- N S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL2000PTC105022

Company & Directors' Information:- V 3 SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2005PTC142034

Company & Directors' Information:- J D V SECURITIES PRIVATE LIMITED [Active] CIN = U67190UP2014PTC067394

Company & Directors' Information:- B H SECURITIES PRIVATE LIMITED [Active] CIN = U67120DL2003PTC120184

Company & Directors' Information:- R N SECURITIES PRIVATE LIMITED [Active] CIN = U74900HR2012PTC046023

Company & Directors' Information:- F M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL2009PTC024302

Company & Directors' Information:- N I SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC105518

Company & Directors' Information:- S S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL2000PTC105232

Company & Directors' Information:- N R. SECURITIES LTD [Strike Off] CIN = U67120CH1995PLC015991

Company & Directors' Information:- G K R SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120TG2000PTC035435

Company & Directors' Information:- K H SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2001PTC134169

Company & Directors' Information:- G. N. SECURITIES LIMITED [Strike Off] CIN = U74140BR2011PLC017311

Company & Directors' Information:- T N S SECURITIES PRIVATE LIMITED [Active] CIN = U67120WB1992PTC055839

Company & Directors' Information:- Y K SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC074083

Company & Directors' Information:- J N SECURITIES PRIVATE LIMITED [Active] CIN = U67120TN1999PTC043842

Company & Directors' Information:- D K DAS & CO PVT LTD [Active] CIN = U51909WB1938PTC009288

Company & Directors' Information:- U C DAS & CO PVT LTD [Active] CIN = U31200WB1987PTC042709

Company & Directors' Information:- R C SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74140OR2011PTC013240

Company & Directors' Information:- DAS & DAS PVT LTD [Strike Off] CIN = U51109WB1950PTC019222

Company & Directors' Information:- R L F SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC069597

Company & Directors' Information:- A S DAS CO PVT LTD [Strike Off] CIN = U51109WB1957PTC023552

Company & Directors' Information:- J M L SECURITIES LIMITED [Strike Off] CIN = U67110UP2000PLC025628

Company & Directors' Information:- A P SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1995PTC065651

Company & Directors' Information:- M G SECURITIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC058074

Company & Directors' Information:- C S SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120KL1998PTC012664

Company & Directors' Information:- M M SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC066511

Company & Directors' Information:- DAS-G INDIA PRIVATE LIMITED [Active] CIN = U24304DL2020PTC370609

Company & Directors' Information:- M N K SECURITIES PRIVATE LIMITED [Active] CIN = U67120MH2001PTC133711

Company & Directors' Information:- N K J SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC070233

Company & Directors' Information:- N G SECURITIES PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC071199

Company & Directors' Information:- P D K SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120RJ1995PTC010394

Company & Directors' Information:- P K DAS & CO PVT LTD [Strike Off] CIN = U74210WB1955PTC022259

Company & Directors' Information:- S V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65993DL1993PTC051885

Company & Directors' Information:- G D L SECURITIES LIMITED [Strike Off] CIN = U74899DL1995PLC070979

Company & Directors' Information:- R D T SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120DL1994PTC057218

Company & Directors' Information:- M V SECURITIES PRIVATE LIMITED [Strike Off] CIN = U67120PB1996PTC018391

Company & Directors' Information:- M K R SECURITIES PRIVATE LIMITED [Strike Off] CIN = U65990TG2000PTC033675

    Appeal Nos. 12 to 21 of 2020

    Decided On, 21 February 2020

    At, SEBI Securities amp Exchange Board of India Securities Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE TARUN AGARWALA
    By, PRESIDING OFFICER
    By, THE HONOURABLE DR. C.K.G. NAIR
    By, MEMBER & THE HONOURABLE MR. JUSTICE M.T. JOSHI
    By, JUDICIAL MEMBER

    For the Appellant: Arindan Das, Rumeli Sarkar, Advocates. For the Respondent: Anubhav Ghosh, Rashi Dalmia, Advocates i/b The Law Point.



Judgment Text


Tarun Agarwala, Presiding Officer (Oral)

1. The Whole Time Member (hereinafter referred to as ‘WTM’) of Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) passed an order dated November 1, 2016 holding that the company Cemendia Infrastructures Ltd. and its directors had illegally collected money through NCDs in violation of public issue norms and consequently, the WTM issued various directions, namely, for refund of the amount collected alongwith interest which was required to be paid jointly and severally by the company and its directors. The appellants were also restrained from accessing the securities market and were also restrained from associating with any public listed company till such time the refund was made.

2. Since the amount was not paid recovery proceedings were initiated. The appellants are directors of the company who have been found to be officers in default and were held to be liable to recover the amount jointly and severally.

3. The appellants have questioned the veracity of the minutes of the proceedings dated December 9, 2019 before the Recovery Officer which order is nothing but an adjournment of the proceedings at the instance of the appellant.

4. The contention of the appellants is that as per the order of the WTM only Anita Ghosh Choudhary, Subrata Samanta and Gora Chand Sarkar were liable for violation of the public issue norms and were held to be liable for refund of the entire amount. It was urged that the recovery against the appellants pursuant to the impugned order was wholly incorrect and, therefore, they should be absolved from appearing before the Recovery Officer.

5. All the submissions may be raised before the Recovery Officer. If so raised, the Recovery Officer will deal with it. We may also point out

Please Login To View The Full Judgment!

that the order dated November 1, 2016 has not been challenged by the appellants before us. In view of the aforesaid, we do not find any error in the order of the recovery officer at this stage. Dismissed.
O R