Description
SEBI issues Certificate of Recovery and Notice of Demand against Eversafe Highrise Pvt Ltd (now amalgamated with Smile Suppliers Pvt Ltd) for outstanding dues in the Thirani Projects Ltd matter.
Summary
SEBI has issued Certificate No. RC8982 of 2025 along with a Notice of Demand against Eversafe Highrise Pvt Ltd (PAN: AAMCS2306N), which has now been amalgamated with Smile Suppliers Pvt Ltd, in connection with the matter of Thirani Projects Ltd. This certificate is issued under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, enabling SEBI to recover outstanding dues through legal enforcement mechanisms.
Key Points
- Certificate of Recovery RC8982 of 2025 issued under DRT Act 1993
- Notice of Demand issued against Eversafe Highrise Pvt Ltd (PAN: AAMCS2306N)
- Entity has been amalgamated with Smile Suppliers Pvt Ltd
- Related to enforcement proceedings in Thirani Projects Ltd matter
- Recovery certificate enables legal enforcement for debt collection
- Amalgamated entity Smile Suppliers Pvt Ltd inherits liabilities
Regulatory Changes
No new regulatory framework changes. This action is taken under existing provisions of:
- Recovery of Debts Due to Banks and Financial Institutions Act, 1993
- SEBI enforcement and recovery procedures
- Corporate amalgamation laws regarding succession of liabilities
Compliance Requirements
- Eversafe Highrise Pvt Ltd (now amalgamated with Smile Suppliers Pvt Ltd) must settle outstanding dues as per the Notice of Demand
- Smile Suppliers Pvt Ltd, as the amalgamated entity, is legally responsible for settling dues of Eversafe Highrise Pvt Ltd
- Non-compliance may result in attachment of assets, bank account freezing, and other recovery proceedings
- Entity must respond to SEBI’s recovery notice within stipulated timelines
Important Dates
- Certificate Issue Date: December 31, 2025 (Certificate No. RC8982 of 2025)
- Notice publication date: January 2026
- Payment deadlines and recovery timelines as specified in the Notice of Demand
Impact Assessment
Direct Impact:
- High legal and financial impact on Smile Suppliers Pvt Ltd as successor entity to Eversafe Highrise Pvt Ltd
- Company faces potential asset attachment and enforcement proceedings if dues remain unpaid
- Corporate amalgamation does not provide shield from predecessor’s regulatory liabilities
Market Impact:
- Signals SEBI’s continued enforcement against entities involved in Thirani Projects Ltd matter
- Demonstrates that corporate restructuring (amalgamation) does not eliminate regulatory obligations
- Serves as precedent for recovery actions against amalgamated entities
- Investors and creditors of Smile Suppliers Pvt Ltd should be aware of inherited liabilities
Precedent Value:
- Confirms that amalgamated entities inherit all liabilities of predecessor companies
- SEBI can pursue recovery against successor entities post-amalgamation
- Recovery certificates remain enforceable despite corporate restructuring
Impact Justification
Certificate of Recovery issued under DRT Act 1993 for debt recovery with legal enforcement consequences against amalgamated entity