Market regulator SEBI has imposed Rs.1 crore penalty on Rose
Valley Real Estates and Constructions for not providing details sought by the
market regulator in a case charging the company of issuing debentures illegally.
The case is related to a
probe by SEBI over allegations that Rose Valley had raised money by issuing
debentures without complying with the norms. SEBI had issued summons to the
company seeking details that could have helped the regulator's Investigating
Authority (IA) probe the matter.
However, as the firm failed
to fully comply with the summons, SEBI in an order dated March 26, 2013 has
imposed a penalty of Rs. 1 crore-... on Rose Valley Real Estates and
Constructions Ltd.
The regulator SEBI has noted that not submitting complete
details to the summons despite having the same appears to be a deliberate
action / strategy on the part of the noticee (Rose Valley) to not cooperate
with the regulatory mechanism.
SEBI Letter..!
Order in the matter of M/s.
Nicer Green Forest Ltd. and its directors
Shri Rajeev Kumar Agarwal,
Whole Time Member (WTM) , SEBI has passed an order on March 12, 2013, in the matter of M/s. Nicer
Green Forest Ltd. (NGFL) and its
directors, Mr. Pipal Singh, Mr. Gajjan Singh, Mr. Gurnaib Singh, Mr. Manjit
Singh, Mr. Ranjit Singh, Ms. Surinder Kaur and Mr. Ramesh Ravi with the
following directions:
a) Restraining and debarring NGFL and its
above mentioned directors from accessing the securities market and further
prohibiting them from buying, selling or dealing in securities, directly or
indirectly, in any manner whatsoever till the schemes of the NGFL are wound up
and all monies mobilized by it through its collective investment schemes are
refunded to the satisfaction of SEBI.
b) Prohibiting the above entities/ persons
from mobilizing funds under any schemes or arrangement, existing or future, as
defined under section 11AA of the SEBI Act.
Earlier, vide order dated
November 9, 2010 the then Whole Time Member, had directed M/s. Nicer Green
Forest Ltd. to wind up its existing collective investment scheme(s) and refund
the money collected by it under the scheme(s) with returns which were due to
the investors as per the terms of offer within a period of one month from the
date of the order.
In view of the failure of
company to comply with the directions of that order, Shri Rajeev Kumar Agarwal,
WTM, SEBI has, vide the present order, issued the aforesaid directions which
are without prejudice to the right of SEBI to take other actions as
contemplated in the order dated November 9, 2010 and to initiate adjudication
proceedings against the entities/ persons for non compliance of order dated
November 9, 2010.
The full text of the order is
available on the website: www.sebi.gov.in
Mumbai
March 15, 2013
