Regulations
MHA notification: SC notice to Delhi government
The Supreme Court on Friday described as tentative a high court observation that the central government's May 21 order giving Delhi's lieutenant governor the final say in posting and transfers of bureaucrats was "suspect", even as it issued notice to the city government on the issue.
 
An apex court vacation bench of Justices A.K. Sikri and U.U. Lalit issued the notice on a central government petition seeking stay of observations made by the high court in three paragraphs of its May 25 judgement wherein it had said that notification was "suspect" and the Lt Governor should respect the democratic mandate and act on the aid and advise of the council of ministers.
 
While saying that observation in paragraph 66 of the high court judgement holding notification suspect as tentative, the apex court said that in respect of other paragraphs it will a call only after receiving reply from the Delhi government.
 
The court further said that the high court while deciding Delhi government's writ petition challenging May 21 notification will decide the same independently and without being influenced by the observations contained in the high court judgement of May 25 which was sought to be stayed by the central government in their plea before the Supreme Court.

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Guerrilla hideout busted in Jammu
Security forces overnight busted a guerrilla hideout in Jammu region's Reasi district and recovered arms and ammunition, an official said here on Friday.
 
"The security forces busted a terrorist hideout yesterday (Thursday) and recovered arms and ammunition from the higher reaches of Arnas in Reasi district," defence spokesman Manish Mehta told IANS.
 
The operation was launched by the troops of 61 Rashtriya Rifles and the police on receiving specific information.
 
"The recoveries include one AK-56 rifle with 31 rounds, a Chinese pistol, one hand grenade and other warlike stores," the spokesman added.

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SEBI bars Dolphin Universal Rural Development from collecting funds from investors

The company was engaged in fund mobilising activity through issue of NCRSDs to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, according to an interim order from SEBI

 

SEBI passed an interim order dated 27 May 2015 on Dolphin Universal Rural Development Limited issuing the following directions: the company shall forthwith cease to mobilise any fresh funds from investors; the company and its present/past directors namely, Subham Bose, Anindyo Paul, Koushik Dutta, Debraj Mitra, Saugata Basu, Rana Sikdar, are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities; the company and its directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market.
 
The company was engaged in fund mobilising activity through issue of NCRSDs (Non-Convertible Redeemable Secured Debentures) to more than 49 persons without complying with the relevant provisions of the Companies Act, 1956 and provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, according to the SEBI Order.
 
SEBI had received a reference dated 8 October 2013 from  the  office  of  District  Magistrate,  Patna  regarding  the activities  of  Dolphin. SEBI immediately began to investigate Dolphin. SEBI did not get any replies to the letters sent to Dolphin and its directors.
 
Meanwhile, SEBI received several complaints from investors in the months of June, July and August 2014 alleging non-repayment of their invested money in Secured Non-Convertible  Redeemable  Debentures  (NCRDs)  issued  by  the  company.  The complainants also provided the copies of certificates of NCRDs issued by the company to them. SEBI also received a complaint dated 31 July 2014 from “Dolphin Integrated Sufferers Help Association”, Cooch Behar (West Bengal) alleging that Dolphin group consisting of (a) Dolphin Universal Rural Development Ltd., (b) Dolphin Infratower Ltd., (c) Anupam Advisory Pvt. Ltd., (d) Chirag Biniyog & Commercial Pvt. Ltd., (e) Dolphin Instafood Pvt. Ltd., (f) Dolphin Shoes Pvt. Ltd. and (g) Dolphin Infra Power Projects Ltd., was raising money through issuance of debentures.
 
A SEBI official also conducted physical verifications at the registered office address of the company on October 15, 2014. It was found that the company did not exist at the given address. Efforts were also made to obtain the information from Ministry of Corporate Affair's Website i.e. MCA21 portal.
 
SEBI observed that merely mentioning that an issue is on a private placement basis does not make it such. If it is a public issue of debentures, Dolphin is obliged to follow proper procedure. Also, following the public issue, the debentures must be listed in the stock exchange, pointed out the SEBI Order.
 
The SEBI Order also observes, “Based  on  the  material  available  on  record,  I  find  that  Dolphin  Debenture  Trust (represented by its trustee viz. Sumit Jana) has prima facie, failed to meet the eligibility criteria  specified  under  the  provisions  of  the  Debenture  Trustees  Regulations  and therefore, has acted as unregistered Debenture Trustee, which amounts to violation of the abovementioned provisions of the SEBI Act read with the Debenture Trustees Regulations.”
 
In this context, the SEBI Order infers, “is prima facie engaged in fund mobilising activity from the public, through the Offer of NCRDs  and  as  a  result  of  the  aforesaid  activity  has  violated  the  provisions of the Companies Act, 1956 (Section 56, Section 60 read with Section 2(36), Section 73, Section 117B, Section 117C) and the Debt Securities Regulations.”
 
SEBI Order directs the debenture trustee to cease to function in such capacity and to also not take up similar responsibility in the securities market.
 
Finally, the SEBI Order concludes with the warning, “This Order is without prejudice to the right of SEBI to take any other action that may be initiated against Dolphin and its directors;   its debenture trustee, viz. Dolphin Debenture Trust (represented by its trustee viz. Sumit Jana) , in accordance with law.”
 

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COMMENTS

integrity

2 years ago

Swift action by SEBI, so also agains scores of companies last couple of years.But they could not straight way stop Sahara from collecting fund even as it was alleged that they have merely change the name of their disputed "schemes "

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