Interim Order in the matter of M/s Rahul Hi Rise Limited

Press Release
Securities and Exchange Board of India
Oct 09, 2015
PR No.: 241/2015

Shri S Raman, Whole Time Member, SEBI has passed an interim order dated October 01 2015 in the matter of Rahul Hi Rise Limited (RHRL) under the SEBI Act read with SEBI (Issue and Listing of Debt Securities), Regulations, 2008 inter - alia directing,

  1. RHRL shall forthwith cease to mobilize fresh funds from investors through the Offer of NCDs 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;
  2. RHRL and its Directors, viz. Shri Abhijit Majumdar, Shri Dipankar Gupta (DIN: 02408609) and Shri Mrinmoy Bose, 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;
  3. RHRL and its abovementioned 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, till further directions;
  4. RHRL shall provide a full inventory of all its assets and properties;
  5. RHRL's abovementioned Directors shall provide a full inventory of all their assets and properties;
  6. RHRL and its abovementioned Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of NCDs, without prior permission from SEBI;
  7. RHRL and its abovementioned Directors shall not divert any funds raised from public at large through the Offer of NCDs, which are kept in bank account(s) and/or in the custody of RHRL;
  8. RHRL and its abovementioned Directors shall co-operate with SEBI and shall furnish all information/documents sought vide letters dated May 23, 2014, May 26, 2014 and June 4, 2014;
  9. The Debenture Trustees, viz. Shri Dinendra Nath Bandopadhyay and Well Being Trust (represented by Shri Chapal Biswas and Shri Dinendra Nath Bandopadhyay), are prohibited from continuing with their assignment as debenture trustee in respect of the Offer of NCDs of RHRL and also from taking up any new assignment or involvement in any new issue of debentures, etc. in a similar capacity, from the date of this Order till further directions.

The company was engaged in fund mobilizing activity from the public through offer of NCDs 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