Regulations
SEBI asks Ramel Industries, directors to refund money raised via OFCDs
Ramel Industries and its promoters, directors have also been barred from raising money from public as well as access the capital market till the expiry of three years from the date of completion of refund
 
Market regulator Securities Exchange Board of India (SEBI) has directed Ramel Industries Ltd, its promoters and directors, to refund the money, which it had collected from public through issuance of debentures, within two months along with 15% interest.
 
According to SEBI, Ramel Industries had issued optionally fully convertible debentures (OFCDs) in the garb of private placement and had not filed any prospectus with regard to the same with the capital market regulator.
 
The company had allegedly solicited Rs60.86 crore from 31,582 investors through issue of OFCDs between 2009-2012.
 
In its order, the market regulator, asked Ramel Industries and its promoters and directors to refund 'within two months' the money raised through OFCDs in 2009-2010, 2010-2011 and 2011-2012 to the subscribers of the issue.
 
The company also has to pay "interest at the rate of 15% per annum from the date of receipt of money till the date of such refund or the redemption value as promised and accrued till the date of refund, whichever is higher".
 
Such refund has to be made only in cash through demand draft or pay order, the market regulator said.
 
Further, the company has to file a "certificate of such completion with Sebi from two independent peer reviewed Chartered Accountants who are in the panel of any public authority or public institution".
 
Besides, the promoters and directors of Ramel Industries -- Rameswar Podder, Ramendra Mohan Sarkar, Sukanta Deb and Partha Das -- are "restrained from associating themselves with any listed public company and any public company which intends to raise money from the public till the expiry of three years from the date of completion of refund as directed".
 
According to SEBI findings, as the number of persons to whom the OFCDs issued by Ramel Industries was more than 49, it would be qualified "as a public issue by virtue of the provisions...Of the Companies Act, 1956, which has been elucidated by the Supreme Court of India in the Sahara Order".
 
Among others, SEBI said the issue would attract the requirement of compulsory listing before a recognised stock exchange which the company failed to do.
 
Moreover, SEBI found -- Rabi Das, Samaresh Mukherjee and Shyamalendu Sarkar -- as debenture trustees for the issue by Ramel Industries "were not eligible to be appointed as debenture trustee" as they were not registered with the market watchdog.

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COMMENTS

KRISHNA KUMAR

4 weeks ago

सर मेरा नाम कृष्णा कुमार है और में बिहार से हु मेने रेमल इंडस्ट्रीस कंपनी में 20 lac रुपया इंवेस्मेंट किया है जो की अभी तक नहीं मिला है मेरे दैनिक सथिति बहुत ख़राब हो चूका है लोगो ने मुझे मारने लगा है मेरे घर से बहुत सामान ले लिया है में खेत सब छिना गया है अब तो मेरा मन कर रहा है कि मेंआत्महत्या कर लूं
कृपया कर के मेरा पैसा मुझे लोटा दीजिए नहीं तो में मर जाऊंगा
मेरे मोबाइल - 9570549447

raheesh pal

2 years ago

ajj lagbhag 4month ho chuke per paise ka koi pata nahi sebi kahti hai 1 month me diladuga lekin 1 month ke 4 month ho chuke per paise nahi mile ajj esi halat ho chuki hai ki abto log marne lage our jo kuch hatho me hota bo sab kuch chhin lete hai

pleas..........mera paisa dila do to mahan kripa hogi

eski jankari na tv par ati hai na hi peper per ...........
esko media ke samne lao

raheesh pal

2 years ago

ajj lagbhag 4month ho chuke per paise ka koi pata nahi sebi kahti hai 1 month me diladuga lekin 1 month ke 4 month ho chuke per paise nahi mile ajj esi halat ho chuki hai ki abto log marne lage our jo kuch hatho me hota bo sab kuch chhin lete hai

pleas..........mera paisa dila do to mahan kripa hogi

eski jankari na tv par ati hai na hi peper per ...........
esko media ke samne lao

Atul Singh

2 years ago

i have around 5 lacs money invested in this company. Can anyone tell me how should i get my money back and what will be procedure for getting my money back?

[email protected]

Ejaz

2 years ago

i have 3.5 lacs blocked in this company.can anyone tell me how should i get my money back?

Usha Tibrewal

2 years ago

USHA TIBREWAL
Sir,
Please arrange as soon as possible to return all the Amount of Money Invested.
RAMEL INDUSTREIS LIMITED
1.FOLIO NO.RIL75654 & CERTIFICATE NO. 072754
2.FOLIO NO.RIL228376 & CERTIFICATE NO. 228476
3.FOLIO NO.RIL228382 & CERTIFICATE NO. 228482
4.FOLIO NO.RIL235774 & CERTIFICATE NO. 235874
I DONT HAVE THE FOLIO NO & CERTIFICATE NO, SO I AM GIVING THE INVESTOR ID OF THE MONEY RECEIPT, INVESTOR ID. ASN0758469 OF AMOUNT RS.5000.ITS PLAN NAME IS OFCD/(S)-5 YRS. ITS REFERENCE NO IS. ASNO05758469.MONEY RECEIPT DATE IS 11/04/2012.MY MOBILE NO is 0851653514,09333130742,08293823598,09641464887.MY EMAIL ID IS:[email protected],pradip [email protected],[email protected]

Usha Tibrewal

2 years ago

USHA TIBREWAL
Sir,
Please arrange as soon as possible to return all the Amount of Money Invested.
RAMEL INDUSTREIS LIMITED
1.FOLIO NO.RIL75654 & CERTIFICATE NO. 072754
2.FOLIO NO.RIL228376 & CERTIFICATE NO. 228476
3.FOLIO NO.RIL228382 & CERTIFICATE NO. 228482
4.FOLIO NO.RIL235774 & CERTIFICATE NO. 235874
I DONT HAVE THE FOLIO NO & CERTIFICATE NO, SO I AM GIVING THE INVESTOR ID OF THE MONEY RECEIPT, INVESTOR ID. ASN0758469 OF AMOUNT RS.5000.ITS PLAN NAME IS OFCD/(S)-5 YRS. ITS REFERENCE NO IS. ASNO05758469.MONEY RECEIPT DATE IS 11/04/2012.MY MOBILE NO is 0851653514,09333130742,08293823598,09641464887.MY EMAIL ID IS:[email protected],pradip [email protected],[email protected]

Jayanta Mistry

2 years ago

JAYANTA MISTRY
sir,
Please arrange CBI Investigation to return all deposited amount for all investor.
RAMEL INDUSTRIES LIMITED
Folio NO.RIL5533 & Certificate NO.RA07772
Folio No.RIL44445 & Certificate No.044547
Folio No.RIL136505 & Certificate No.136605
Folio No. RIL124915 & Certificate No.125015

Rajni Kant Rakesh

3 years ago

RAJNI KANT RAKESH (SRP120044)
I have invest Rs. 790960.00 (Seven Lakh Ninty Thousand Nine hundred Sixty only) in Ramel Industries India Ltd. in different scheme through many parties.
But on the date of payment not paid amount by Ramel Industries.
So, Please arrange to return my deposited amount.
Thank you

CHANDRASHEKHAR

3 years ago

Dear sir,
I was working as agent of RAMEL INDUSTRIES LTD. and I have invested about 5 lacs collecting from many people in different schemes of the company.now company has closed most of his branches.i have no idea what to do. so it is request from me pls find a way to return money back to the investor. and i paid to party (people) which amount he paid to ramal industries and dear sir how can money return to me
chandrashekhar chourasia(agent code rtg72054
at+po+ps=amarpur
dist=banka
state =bihar
pin code 813101

gautam kumar

3 years ago

Dear sir,
I was working as agent of RAMEL INDUSTRIES LTD. and I have invested about 5 lacs collecting from many people in different schemes of the company.now company has closed most of his branches.i have no idea what to do. so it is request from me pls find a way to return money back to the investor.
gautam kumar(agent code nrj71805
plot no. 126
co-operative colony
bokaro steel city
827001 jharkhand.

REPLY

HEMANT KUMAR

In Reply to gautam kumar 3 years ago

same situation with me also . if you find any solution to this problem please contact me 9899312757

Taj Alam

3 years ago

Dear Sir,
Mera Name Taj Alam Hai Mai Ramel Industries Ma Rs.325000 Invest Karaya Tha SEBI Ki Website Per Ramel Industries Ki Balance Sheet Dekha Usme Kwal OFCD Scheme Ka Record Hai.
Sir Mai Aapko Avgat Karana Chahta Hoon Ki Ramel Industries 4 Scheme K Maddyam Se Investron Ka Paisa Uthaya Tha.
1. OFCD
2.NCRD (Non Convertable Redamble Debenture).
3.MPS(Monthly Prouduct Scheme).
4.MIS(Monthly Inrest Scheme).
Sir Mera Aapse Nivedan Hai Ki Ramel Industries Compny Ki Phir Se CBI Janch Kar Sabhi Investron Ka Paisa Return Karwane Ki Kirpa Karen. Thank You
Taj Alam
Mubarakpur
Tanda
Ambedkar
Nahgar(U.P)
Pin.224190
M.9598646085

REPLY

Sadhana Roy

In Reply to Taj Alam 3 years ago

Sir i invest 10lac rupees this is my hole life income pls refund my money
its a request ..........

CHANDRASHEKHAR

In Reply to Sadhana Roy 3 years ago

Dear sir,
I was working as agent of RAMEL INDUSTRIES LTD. and I have invested about 5 lacs collecting from many people in different schemes of the company.now company has closed most of his branches.i have no idea what to do. so it is request from me pls find a way to return money back to the investor. and i paid to party (people) which amount he paid to ramal industries and dear sir how can money return to me
chandrashekhar chourasia(agent code rtg72054
at+po+ps=amarpur
dist=banka
state =bihar
pin code 813101

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Queries at Moneylife Foundation’s Legal Resource Centre
Responsibility of Issuing Certificates
If the managing committee does not issue share certificates, who is responsible?
 
LRC’s Reply:  Within six months of registration of the CHS, or within six months of the member buying a flat from previous owner and submitting all the required forms to the Society, the CHS has to issue the share certificate or transfer the share certificate, in the buyer’s name, under Bye-Law 9. In case the CHS fails to do so, the person has to file a complaint to concerned deputy registrar, against the CHS, for not issuing the share certificate. 
 
Contest for a position in Managing Committee?
Can an associate member contest elections of a cooperative housing society (CHS) for a Position in its managing committee?
 
LRC’s Reply: Under Bye-law No. 118(iv), an associate member can get the form, in Appendix 10A filled up by the first-named member, or original member, and can contest the election of the managing committee of the CHS.
 
If the CHS objects to making the associate member a committee member, or objects to an associate member contesting managing committee elections, and if he has already filed his Annexure 10A with the CHS, by producing that copy, the associate member can file a written complaint to the deputy registrar of CHS of that area. 
 
Adding Spouse’s Name in the Property Document
I  have bought an apartment in my name. I am the sole owner and all legal papers are in my individual name. What do I need to do to add my wife’s name in the property so that we are both joint owners of the apartment? Also, in case it is in my sole name, in the absence of any Will and in the event of my death, will my wife be the legal heir to the apartment?
 
LRC’s Reply: To make it very safe, make a gift deed of your apartment, of 50% of today’s government market value. Give a copy of the registered agreement to the CHS, and inform the CHS, to include your wife’s name as 50% shareholder of your flat of your ownership flat. 
 
For the remaining 50%, you can make a Will and also make your wife your nominee for your 50% of the flat which, after your death, will be transferred to 100% in your wife’s name.
 
 This gift deed does not come free of charge. You have to pay 2% of market value of the flat, as stamp duty on the gift deed. If the current value of your flat is Rs1 crore, to give 50% value of your flat, you will have to shell out Rs1 lakh towards stamp duty and another Rs30,000 as registration charges. This is in addition to the miscellaneous expenses of about Rs10,000 towards legal charges to draft a gift deed, and other charges, at the time of its registration. 
 
You have not stated whether you have any children. In the absence of above-mentioned procedure, which is costly, you may make a Will, register it with sub-registrar of assurances, which will cost you not more than Rs10,000. Also, make your wife the sole nominee of your flat, give a copy of your Will to the CHS, so that after your death, it will transfer the flat to your wife’s name. The second idea is more feasible and can be implemented without significant monetary loss.
 
Have a legal question? Try our Moneylife Foundation’s Legal Resource Centre. Check out http://lrc.moneylife.in and register at http://moneylife.in/lrc.html

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