SEBI asks Ramel Industries, directors to refund money raised via OFCDs

Moneylife Digital Team 26 May 2014

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.

Comments

User

soorajprakash1976

1 month ago

Mera 30000 rupees kaise milega.vill.mitmitpur Post Sandi district hardoi pin 241403

soorajprakash1976

1 month ago

Mera 30000 rupees fd kiya gaya tha kaise milega

monojmitra3089

1 year ago

Sir mera 35k paisa huwa hai . please any one help me

sriharivishnu98

3 years ago

RAMAL INDUSTREE MAIN MERA 7 LACK KA BOND HAIN..JO MATURITY COMPLET HO GAYA HAIN..

LAKIN MAIN MERA PAISA WAPAS KAISA PAUU..

PLZ KUCH KARKEY MERA PAISA AGAR MILJATA TOH BADDI MAHARBANI HOTI..

MY CONTACT-9163746974/9331971777..

hausilaprasad735

3 years ago

Sir
Ramel Industires Ltd
Me Lagbhsg 13 Lakh Jama Karaya.Hey Dilane ki kirpa kare
Hausila Prasad
Mo-9493494096.Code-AKP191440
Faizabad U.P.

subhasish acharjya

3 years ago

i have around 7 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?
My Email Id - [email protected]
Mobile No. - 9122664410

Anil Gupta

4 years ago

Dear Sir,
Mera Name anil kumar gupta Hai Mai Ramel Industries Ma Rs.925000 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
anil kumar gupta
karawan
para
hardoi
(U.P) 241406

rohit gupta

Replied to Anil Gupta comment 4 years ago

kabhi bapas nahi hoga

Anil Gupta

4 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
Anil kumar gupta(agent branch hrd
vill karawan
po para
dist hardoi state uttar pradesh
mo 9935307475 state uttar pradesh pin 241406

Rahul Raj

5 years ago

I don't understand why till now ramel industry has not refunded money and why SEBI is quite till now. Does ramel industry director had given black money to SEBI or what. Or SEBI doesn't know to regulate their power. Can anyone please help me out.

Xmarty Anil Kumar Gupta

5 years ago

Xmarty Anil Kumar Gupta

5 years ago

Bharath Kumar

5 years ago

When debentures amount was redeemed................
Please give back my amount......

SACHIN AGARWALLA

5 years ago

sir my elder brother mr. damodar prasad agarwal who live in assam had invest in all income money ie 1 lakh in ramel industries ltd in 2012 sir please return our money we are suffering with lot of difficulties..... it my phn no. 9613190241.

KRISHNA KUMAR

6 years ago

raheesh pal

7 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