Vaibhav Pariwar India Projects Limited barred from markets by SEBI

SEBI observed that VPIPL is prima facie engaged in fund mobilising activity from the public, through the Offer of NCDs


The Securities and Exchange Board of India (SEBI), based on its investigation ruled that VPIPL (Vaibhav Pariwar India Projects Limited) shall not mobilise funds from investors through the Offer of NCDs or through the issuance of equity shares or any other securities, to the public.


SEBI received a complaint dated 29 April 2014 from an investor alleging non-payment of interest and maturity amount in respect of Secured Redeemable Non-Convertible Debentures issued by VPIPL. SEBI, in the process of investigating the complaint asked for papers from VPIPL.


SEBI also received a complaint dated 5 June 2014 from another investor in respect of the non-payment of interest and maturity amount in respect of Secured Redeemable Non-Convertible Debentures issued by VPIPL.


Meanwhile, RBI vide letter dated 4 July 2014 and Office of the Director, Economic Offences Investigation Cell, Finance Department, Govt. of West Bengal, Kolkata vide letter dated July 28, 2014 also forwarded a complaint received by them from an investor of VPIPL regarding non-payment of maturity amount in respect of Secured Redeemable Non-Convertible Debentures issued by VPIPL.


SEBI’s investigation observed from the Balance Sheets that VPIPL has not created any Debenture Redemption Reserve and failure to create Debenture Redemption Reserve is prejudicial to the interests of the debenture holders.


SEBI also concluded, “Based on the material available on record, I find that Ashok Kumar Banerjee and Chandrima Sarkar have prima facie failed to meet the eligibility criteria specified under the provisions of the Debenture Trustees Regulations and therefore, have acted as unregistered Debenture Trustees, which amounts to violation of the abovementioned provisions of the SEBI Act read with the Debenture Trustees Regulations.”


The SEBI member in his order argued as follows: “It is pertinent to mention that urgent measures have to be taken in the matter as VPIPL and its Directors have failed to submit relevant information to SEBI. In light of the same, I find there is no other alternative but to take recourse through an interim action against VPIPL and its Directors along with its Debenture Trustees, viz. Ashok Kumar Banerjee and Chandrima Sarkar, for preventing that company from further carrying on with its fund mobilising activity under the Offer of NCDs.”


The SEBI order said that VPIPL shall not mobilize funds from investors through the Offer of NCDs or through the issuance of equity shares or any other securities, its Directors, viz. Rajesh Kumar Rai, Manoj Kumar Rai, Binay Kumar Lall and Indrakala Rai and its Debenture Trustees viz. Ashok Kumar Banerjee and Chandrima Sarkar, are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, and VPIPL and its Directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.



Bhavesh Gajwani

11 months ago

Dear Sir,
What actions can be taken against VPIPL to get my money back, as i have invested in Secure NCD ?


2 years ago

Dear Friend,

We are investors who are interested in funding your project of any kind, but please note we either fund your project by cash fund or by Bank Guarantee SBLC such as MT103 and MT760.
You are advised to have this office furnished with all details of your project plan as well as the funding type you may be comfortable with via email ([email protected])
Hope to here back from you soon.


Mr. Anthonius H.

Pooja Mishra

2 years ago

Dear Sir,
I would like to inform you Mr. Rajesh Kumar Rai is also running two more compnies one is Te Metropolitan Finance Pvt. Ltd. and anoter is Mansar Finance Ltd. and taking deposite for both compnies. both compnies registerd with Under RBI with ROC Jammu. He is collected almost Rs.50Crore from VPIPL against NCD. He is not return any invested money of public. he is big scamer and cheater. I am requesting to concern dept. to arrest him.

Pooja Mishra

2 years ago

Dear Sir,

I would like to inform you Mr. Rajesh Kumar Rai also running two more compnies The Metropolitan Finance Pvt. Ltd. and Mansar Finance Ltd. both compnies register under RBI with ROC Jammu, and he is taking deposite from public. He is big cheater.

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Nifty, Sensex may bounce back – Wednesday closing report

Nifty may rally on Thursday, if overseas markets are firm


We had mentioned in Tuesday’s market report that the indices are headed lower and any rallies will be met with selling. Today’s session was a volatile one with the benchmark trading marginally higher upto around 11.00 am. After this the market went down sharply. The indices moved almost in the red for remaining session and recorded a loss for the third consecutive session. We expect the market to bounce back tomorrow but the gains my not sustain beyond one or two sessions.
The S&P BSE Sensex opened at 26,983 while S&P CNX Nifty opened at 8,119. Sensex moved in the range of 26,776 and 27,052 while Nifty moved in the range of 8,065 and 8,151. Sensex closed at 26,909 (down 79 points or 0.29%) while Nifty closed at 8,102 (down 25 points or 0.31%). NSE recorded a volume of 85.18 crore shares. India VIX rose 4.13% to close at 18.1400.
The Department of Financial Services, Ministry of Finance, said on Tuesday after trading hours that it has issued a circular to the chief executive officers of all public sector banks, financial institutions and insurance companies assuring them of non-interference in matters of commercial decisions, transfers, and postings. Among other things the circular mentioned that the PSBs should take all commercial decisions in the best interest of the organization without any fear or favour.
Bharat Electronics (13.86%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. It filed its shareholding pattern as on 31 December 2014 which showed FIIs increasing their shareholding from 1.85% as at the end of September 2014 to 2.31% in December 2014. DIIs increased their holding from 17.76% to 17.82% while retail shareholding reduced from 5.37% to 4.85% for the relevant period.
IRB Infrastructure Developers (4.27%) was among the top three losers in ‘A’ group on the BSE. It recently informed the exchange that as a part of reinvestigation in the matter of land acquisition at Village Taje & Pimploli near Pune, officers from the CBI visited its Pune Office and Registered Office to check records relating to land acquisition.
Hindustan Unilever (3.48%) continued to be the top gainer in the Sensex 30 pack.
Deutsche bank recently upgraded Hindustan Unilever to 'buy' from 'hold'.
ICICI Bank (2.63%) was among the top two losers among the Sensex 30 stocks. The stock hit its 52-week high on Monday.
On Tuesday US indices closed in the red. The US services sector expanded in December at its slowest rate since February as growth in new business and employment declined, an industry report showed yesterday. Markit said the final reading of its Purchasing Managers Index for the service sector was 53.3 in December, down from its flash reading of 53.6 and November's reading of 56.2. Markit's composite PMI, a weighted average of its manufacturing and services indexes, fell to 53.5 in December from a flash reading of 53.8 and 56.1 in November.
Except for KLSE Composite (0.43%) and NZSE 50 (0.06%) all the other Asian indices closed in the green. SET Composite index of Thailand (1.57%) was the top gainer.
European indices were trading in the green. US Futures too were trading higher.
The latest data showed that German retail sales in November rose by 1% in calendar- and inflation-adjusted terms compared with October, while in annual terms they fell by 0.8%.
According to reports Germany is making contingency plans for the possible departure of Greece from the euro zone, including the impact of any run on a bank.


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