Regulations
SEBI restrains ERIL Mutual Benefit from going to the public for funds of any kind
ERIL Mutual Benefit India Limited and its promoters/directors, including Biplab Kumar Dey,  Juthika Ghosh and Chandan Sinha Roy, are restrained from mobilizing funds through the issue of equity shares or through any other form of securities, to the public, according to a SEBI Order 
 
SEBI has passed an Ex Parte-Ad-Interim Order on 27 March 2015 on ERIL Mutual Benefit India Limited and its promoters/ directors restraining them from going to the public for funds of any kind.
 
ERIL Mutual Benefit India Limited and its promoters/directors, including Biplab Kumar Dey,  Juthika Ghosh and Chandan Sinha Roy, are restrained from mobilizing funds through the issue of equity shares or through any other form of securities, to the public, according to a SEBI Order
 
SEBI received a reference dated 12 November 2014 from Universal Human Rights Association, which had forwarded an undated complaint from an investor, Bhola Nath Das. The complainant stated that he had invested Rs3,06,000/- in the 'MIS/RD'  of the company Everlight Realcon Infrastructure Limited and requested the assistance of the Association in getting back his invested money. The complainant had enclosed copies of two Deposit Certificates issued by ERIL Mutual Benefit India Limited (ERIL). As per the first Deposit Certificate, it is recorded by the company that the complainant had deposited Rs3,12,000/- (on 16 September 2013) and the maturity amount would be Rs4,82,991/- due on 16 September 2018. The second certificate records that the complainant had deposited Rs1,49,500/- and maturity amount would be Rs2,31,433/- due on 16 September 2018. In view of the above reference and the complaint, SEBI initiated an examination into the affairs of the company related to mobilisation of public funds through issue of securities or schemes and whether the same were in conformity with the applicable securities laws.
 
Based on the investigation, the SEBI Order has noted, “On a consideration of the aforementioned observations, I am of the view that the Company is prima facie engaged in fund mobilising activity from the public, through the offer and issuance of equity shares and has contravened the provisions of sections 56, 60 and 73 of the Companies Act, 1956 read with section 67(3) and the provisions of the ICDR Regulations.”
 
Based on the particulars given in the MCA portal, the SEBI Order made the observation, “I also note that the company was incorporated on 5 April 2013. Within a short span of two months (i.e.,30 June 2013, when it had issued equity shares to more than 50 persons), the company has, allegedly in contravention of the provisions of law, mobilised public funds through offer and issue of equity shares. It is also noted from the MCA portal that the Company had not filed its Annual Accounts.”
 
Hence, the restraining order from SEBI and also a directive not to dispose off any assets held or created with the money collected from the public.
 
The SEBI Order added, “The above directions shall come into force with immediate effect and shall continue to be in force till further directions.”
 
The SEBI Order also asked the promoters to show cause as to why the money collected from the public should not be refunded to them.
 
In conclusion, the SEBI Order stated, “This Order is without prejudice to the right of SEBI to take any other action including prosecution proceedings under section 24 of the SEBI Act and section 621 of the Companies Act, 1956 read with the relevant provisions of the Companies Act, 2013 and adjudication proceedings under the SEBI Act, against ERIL Mutual Benefit India Limited and its promoters/directors including Biplab Kumar Dey, Juthika Ghosh and Chandan Sinha Roy, in accordance with law.”

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Police probe 'contract' to kill RBI governor
Security was tightened for RBI Governor Raghuram Rajan following a death threat purportedly from the Islamic State (IS) terror group, an official said on Thursday.
 
The threat, received via an e-mail on Rajan's official ID, came around three weeks ago after which the Reserve Bank of India (RBI) informed the Mumbai Police crime branch.
 
Rajan is out of India, but police are taking no chance and security was tightened at the iconic RBI headquarters here.
 
Efforts are on by the Cyber Cell to track down the e-mail's origin and its credibility.
 
The sender claimed that he had been given a contract to eliminate Rajan, but was open to negotiations on the issue. This has both perplexed police officers and also made them wonder about the genuineness of the threat.

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COMMENTS

vishal

2 years ago

whether genuine or not the Police should know there are plentiful of contract killers all over the country and efforts should be made to know who has sent this email. With difficulty the country is moving towards progress and eyes are watching us with envy.

India successfully test fires 3,000 km range n-missile
India on Thursday successfully test-fired its nuclear-capable Agni-III ballistic missile, with a range of over 3,000 km, from a base in Odisha, an official said.
 
The surface-to-surface missile was fired from a launch complex at the Inner Wheeler Island off the coast of Dhamra in Bhadrak district, about 200 km from here.
 
"It was a user trial. The test was successful," test range director M.V.K.V. Prasad told IANS.
 
Agni-III is capable of carrying warheads weighing up to 1.5 tonnes. It is 16 metres in length and weighs 48 tonnes. The missile has a two-stage solid propellant system. It can re-enter the atmosphere at a very high velocity.
 
Agni-III is a rail mobile system capable missile and can be launched from anywhere in India.

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