Interim Order cum Show Cause Notice in the matter of Life Care Infrastructures India Ltd.

Shri S Raman, Whole Time Member, Securities and Exchange Board of India (SEBI) has prima-facie found that Life Care Infrastructures India Limited ("Company") having its registered office at 89/B Indra Nagar Colony, Thatipur,, Gwalior, Madhya Pradesh:- 474011, India has been illegally raising money from public and accordingly passed an interim order dated June 29, 2015 against the company and its directors Mr. Pralay Kumar Saw, Mr. Sanjoy Kumar Maiti, Mr. Sujit Mitra, Mr. Partha Pratim Ghosh , Mr. Ramprasad Sarkar and its debenture trustees, viz. Life Care Debenture Trust (represented by trustee Ms. Paromita Mondal).

The Order, inter-alia directs as under:

• The company shall forthwith cease to mobilize any fresh funds from investors through the Offer of Non-Convertible Redeemable Secured Debentures (‘NCRSDs’) or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions.
• The company and its past and present directors are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly till further orders.
• The company and its past and present directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly.
• The company and its directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by the company through the offer of NCRSDs without prior permission from SEBI.
• The company and its present/past directors shall not divert any funds raised from public at large through the Offer of NCRSDs, which are kept in bank account(s) and/or in the custody of the company.
• The debenture trustees, viz. Life Care Debenture Trust (represented by trustee Ms. Paromita Mondal) are prohibited from continuing with their present assignment as debenture trustees in respect of the Offer of NCRSDs of the company and also from taking up any new assignment or involvement in any new issue of debentures, etc. in a similar capacity.

The company was engaged in fund mobilizing activity from the public through Offer of NCRSDs without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008.

The full text of the order is available on the website: www.sebi.gov.in