Sebi notices to 13 directors of Nabadiganta, Rightmax

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CORRIGENDUM : –

This news which was first published in our portal on August, 23, 2016, had wrongly mentioned Rabindra Jena as Balasore MP in place of a person having the same name from Brahmapur. But after crosschecking the news, we have corrected the news. We sincerely apologize for the mistake.

Bhubaneswar: Taking note of the illegal collection of money from the investors, the Securities Exchange Board of India (SEBI) has served show cause notices on 13 directors of two chit fund companies – Nabadiganta Capital Services Ltd (NCSL) and Rightmax Technotrade International Ltd (RTIL) – and asked them to appear in person on August 31 at its head office in Mumbai and present their side.

The Board, through an advertisement in the media, has served show cause notice on 10 directors of NCSL, including three political leaders from Odisha—sitting MP Rama Chandra Hansda and former MLAs Subarna Nayak and Hitesh Bagarti— and three directors of RTIL, seeking their replies why they should not return the money they had collected from the investors as preliminary investigation has confirmed their involvement in the illegal collection of money through public offer of securities.

The Board has asked the aforesaid directors to place their replies in the ‘Order & Rulings’ menu of its website www.sebi.gov.in four days before appearing in person at its headquarters in Mumbai on August 31.

Apart from Hansda, Nayak and Bagarti, the seven other directors of NCSL on whom show cause notices have been served are Harapriya Jena, Kartikeya Parida, Sanyasi Pradhan, Smita Patra, Pradip Kumar Patnaik, Nirupama Sahu and Anjan Kumar Baliarsingh.

The three RTIL directors on whom the Board has served the show cause notices are Rabindra Jena of Brahmapur, Srinibasan Kojhinjapara Ramaswami and Sibakumar Gangadharan.

The Board has informed these 13 directors it would be forced to take ex-parte action on the basis of the available information if they fail to appear in person for hearing on August 31.

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