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Final Order in the matter of Rainbow Industries and Constructions Ltd.

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Court :
SEBI

Brief :
UNDER SECTIONS 11(1), 11(4), 11A AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH SECTION 73 OF COMPANIES ACT, 1956

Citation :
WTM/SM/ERO/ERO/9172/2020-21

BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
CORAM: S. K. MOHANTY, WHOLE TIME MEMBER
FINAL ORDER

UNDER SECTIONS 11(1), 11(4), 11A AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH SECTION 73 OF COMPANIES ACT, 1956

In respect of:

S. No.

Name of the entity

PAN No.

1.

Mr. Nand Lal Koiree

AREPK5807E

2.

Mr. Ashok Saw

BLXPS0512A

3.

Mr. Mukesh Singh

BNVPS8079L

4.

Mr. Ganesh Thakur

AFOPT8328K

5.

Mr. Barun Kumar Rawani

AFPPR5448M

6.

Mr. Bisun Rawani

ANDPR8996C

7.

Ms. Mohini Devi

NOT AVAILABLE

In the matter of Rainbow Industries and Constructions Ltd.

(The aforesaid entities are hereinafter individually referred to by their respective names/Noticee nos. and collectively as “Noticees”,unless the context specifies otherwise)

1. SEBI had passed an ex-parte Interim Order dated November 22, 2018 (hereinafter referred to as “Interim Order”) against Rainbow Industries and Constructions Ltd. (hereinafter referred to as “RIACL/Rainbow/Company”) and its Directors/Promoters for violation of public issue norms by the Company. The Company was found to have issued Redeemable Preference Shares (hereinafter referred to as “RPS”) to at least 10,052 investors during the Financial Years 2011-13 and raised at least INR 11,36,24,500.00 through the said RPS issue.

2. The Interim Order has recorded that the Company has prima facie violated Sections 56, 60, 67(3), 73(1) and 73(3) of Companies Act, 1956 hence, it was thought fit to take certain measures on imminent basis to protect the interest of investors and that of Securities Market and accordingly the following directions were issued to the Company, its Directors and Promoters:

a) RIACL [PAN: AAECR6197A] and its Promoters and Directors including Mr. Ashok Saw [PAN: BLXPS0512A], Mr. Mukesh Singh [PAN: BNVPS8079L], Ms. Nidhi Yogendra [PAN: Not Available], Mr. Barun Kumar Rawani [PAN: AFPPR5448M] and Mr. Bisun Rawani [PAN:ANDPR8996C]are restrained from mobilizing funds through the issue of RPS or through any other form of securities, to the public and/ or invite subscription of securities from the public, in any manner whatsoever, either directly or indirectly till further directions;

b) RIACL and its Promoters and Directors including Mr. Ashok Saw, Mr. Mukesh Singh, Ms. Nidhi Yogendra, Mr. Barun Kumar Rawani and Mr. Bisun Rawani 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 directions;

c) RIACL and the other Noticees namely Mr. Ashok Saw, Mr. Mukesh Singh, Ms. Nidhi Yogendra, Mr. Barun Kumar Rawani, Mr. Bisun Rawani, Mr. Ganesh Thakur [PAN: AFOPT8328K], Mr. Dhiren Rawani [PAN: AGWPR6262R] including his legal representatives, Mr. Nand Lal Koiree [PAN: AREPK5807E]and Ms. Mohini Devi [PAN: Not Available] shall not access the Securities Market or 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, till further directions;

d) RIACL and the other Noticees namely Mr. Ashok Saw, Mr. Mukesh Singh, Ms. Nidhi Yogendra, Mr. Barun Kumar Rawani, Mr. Bisun Rawani, Mr. Ganesh Thakur, Mr. Dhiren Rawani including his legal representatives, Mr. Nand Lal Koiree, Ms. Mohini Devi shall neither dispose of, alienate or encumber any of its/their assets nor divert any funds raised from public through the offer and allotment of RPS;

To read more in details, find the enclosed file

 

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on 30 September 2020
Published in LAW
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