| Order in the matter of Q & B Retail Limited (Earlier Known as “M/s Basil Express Limited”). |
To
All Trading Members of the Exchange
sub: Final Order under Sections 11, 11(4),11A and 11B of the Securities and Exchange Board of India Act, 1992 in relation to Deemed Public Issue Norms in the matter of Q & B Retail Limited (Earlier Known as “M/s Basil Express Limited”) “QBRL”.
Attention of the trading members is invited to the Exchange Notice No. 20160210-15 dated Feb 10, 2016 wherein SEBI vide its order no. WTM/SR/SEBI – NRO/IMD/ 08 /02/2016 dated Feb 10, 2016 had, inter-alia, restrained Q&B Retail ltd and various entities 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.
SEBI, now vide its Order no. WTM/MPB/EFD-1-DRA-IV/ 54 /2019 dated June 27, 2019 has inter-alia issued the following directions: -
· Directed QBRL is directed not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order, till the expiry of 4 (four) years from the date of completion of refunds to investors as directed in the order.
· Restrained Shri Rajesh Kumar Sharma (PAN: BFXPS2910E), Shri Kishan Pal Singh(PAN: AVVPS8411M), Shri Mukesh Kumar Khare(PAN: BBVPK0966N), Shri Pashupati Nath Dixit (PAN : AJPPD9322G) and Shri Ramendra Prasad Sharma( PAN: AOBPS4499A) and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner for a period of 4 (four) years from the date of this Order.
· Restrained Shri Chhotelal Shukla (PAN: CLJPS2300B), Shri Vishwa Bandhu Vashishta(PAN: ADFPV9924N), Shri Deena Nath Maurya (PAN: BJJPM1012K)and Shri Arvind Tiwari (PAN: ADXPT8691C) are restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner for a period of 4 (four) years which shall come into effect on the expiry of three hundred and sixty fifth (365) day of this order.
· Further as mentioned in the aforesaid Order, if the order of the Competent Authority in respect of forgery, is not produced by Shri Chhotelal Shukla, Shri Vishwa Bandhu Vashishta, Shri Deena Nath Maurya and Shri Arvind Tiwari, within such 365 days, or, if produced within such period, the same is not in favour of Shri Chhotelal Shukla, Shri Vishwa Bandhu Vashishta, Shri Deena Nath Maurya and Shri Arvind Tiwari, then the direction as per paragraph 65.10 shall take effect on the receipt of such order by SEBI or on the expiry of 365 days, whichever is earlier. Till that time the directions passed against these entities vide the interim order dated February 10, 2016 shall be in force. The direction at paragraph 65.10 shall not take effect, if the order of the Competent Authority is produced within such period and the same is in favour of Shri Chhotelal Shukla, Shri Vishwa Bandhu Vashishta, Shri Deena Nath Maurya and Shri Arvind Tiwari. Till that time the directions passed against these entities vide the interim order dated February 10, 2016 shall be in force.
· Needless to say, in view of prohibition on sale of securities, it is clarified that during the period of restraint, the existing holding, including units of mutual funds, of the Noticees shall remain frozen.
Also note that, Hon’ble Calcutta High Court has passed order dated August 04, 2016 in W.P. 15669(W) of 2015 – Khokan Ghosh & Anr. Vs. Union of India & Ors. in respect of Group Companies of Basil International Limited and its directors. Vide said order the Group of Companies of Basil International Limited and its Directors are restrained from dealing with their properties in any manner. Therefore, the effect and implementation of the aforesaid directions stated in paragraph 65 excluding paragraph 65.3, 65.8 to 65.12 shall be subject to the directions passed by the Hon’ble High Court in its Order dated August 04, 2016 or any further orders passed therein.
This Order is effective from June 27, 2019.
A copy of the said Order is attached herewith and also available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Shaila Valsan Fahad Kapadia
Manager Assistant Manager
Surveillance Surveillance
Date: June 28, 2019
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