Adjudication Order in the matter of Raghav Capital and Infrastructure Limited

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
(ADJUDICATION ORDER NO: ORDER/GR/RR/2020-21/9536-9539)
 

UNDER SECTION 15-I (2) OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 AND RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPO SING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995

 In respect of:

In the matter of Raghav Capital and Infrastructure Limited

(The aforesaid entities are hereinafter individually referred to as Noticee 1 to Noticee 4 and collectively referred to as “the Noticees”)

FACTS OF THE CASE

1. Securities and Exchange Board of India (hereinafter referred to as "SEBI") initiated adjudication proceedings under Section 15D(a) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act"), the alleged violations of provisions of Section 12(1B) of the SEBI Act, 1992 and Regulation 3 of the SEBI (Collective Investment Schemes) Regulations, 1999 (‘CIS Regulations, 1999’) by i) Raghav Capital and Infrastructure Limited., (hereinafter referred to as ‘Noticee 1 / Company / RCIL’) , ii) Mr. Raj Kumar Raghav (hereinafter referred to as ‘Noticee 2’), iii) Ms. Nirmala Raghav (hereinafter referred to as ‘Noticee 3’) and (iv) Ms. Ritu Verma (hereinafter referred to as ‘Noticee 4’) in the matter of Raghav Capital and Infrastructure Limited. While Noticee 1 is the Company, Noticee 2 to Noticee 4 are the Directors of the Noticee 1.
Adjudication Order in the matter of Raghav Capital and Infrastructure Limited Page 2 | 19 

APPOINTMENT OF ADJUDICATING OFFICER
2. Vide Order dated February 7, 2019, Shri Satya Ranjan Prasad, Chief General Manager, was appointed as Adjudicating Officer in the said matter to inquire into and adjudge the matter for the aforesaid violations alleged to have been committed by the Noticees.Subsequently, vide Order dated May 22, 2019 the undersigned has been appointed as the Adjudicating Officer in the instant matter in the place of Shri.Satya Rajan Prasad.

SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
3. A Show Cause Notice dated August 25, 2020 (hereinafter referred to as ‘SCN’) was issued to the Noticees under the provisions of Rule 4 (1) of the Adjudication Rules to show cause as to why an inquiry should not be held against the Noticees and why penalty should not be imposed on Noticees under the provisions of Sections 15D(a) of the SEBI Act, for the aforesaid alleged violations. The aforesaid SCN was served upon the Noticee 1 through its email id obtained from MCA website and Noticee 4 at her address available on record. As regards to the Noticee 2 and Noticee 3, the said SCN could not be served upon them at their latest address available on record. However, subsequently, the said Notices were affixed at the address of Noticee 2 and 3.

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