sebi:QJA/AA/ERO/ERO/30595/2024-25
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Ex-parte order finding SPNEPIL and its directors liable for violations of the Companies Act, 1956 in connection with the public issue of Redeemable Preference Shares; directors directed to refund amounts collected with interest at 15% per annum
Provisions invoked
- s. 19
- s. 55A
- s. 22
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 248
- s. 250
- s. 58
- s. 56
- s. 73(2)
- s. 465
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
Regulations
- Reg. 107
Parties
- S.P. Natural Eco-Green Projects (India) Limited (Noticee 1)
- Bishwajit Natuya (Noticee 2)
- Partha Chakraborty (Noticee 3)
- Noticee 4
Holding
SPNEPIL violated Sections 56, 60, 67(3) and 73(1)-(3) of the Companies Act, 1956 by making a public issue of Redeemable Preference Shares to more than 49 persons without complying with public issue norms, and its directors (Noticees 2, 3, and 4) are jointly and severally liable to refund the amounts collected with interest at 15% per annum.
Full text
Order in respect of S.P.Natural Eco-Green Projects (India) Limited Page 2 of 27 details received from CEIB, it was observed that the FIR was filed in Jaynagar Police Station on 04.06.2017 bearing Case No.525/17. Accordingly, SEBI vide letter dated 21.03.2022 sought further information from the complainant.
Order in respect of S.P.Natural Eco-Green Projects (India) Limited Page 3 of 27 RPS certificates issued by SPNEPIL for a cumulative investment amount of Rs. 3,50,000/-. 5.2 The following was mentioned, inter alia, on the back of the RPS certificates:- Period of the scheme shall be for the terms mentioned in the application form. Amount will not be refunded before maturity. Above Rs. 20,000 maturity value the maturity amount will be paid by cheque. In case of loss of redeemable preference share certificates, duplicate certificate may be issued on payment of Rs. 200/- along with application and copy of general diary entry at police station.
Order in respect of S.P.Natural Eco-Green Projects (India) Limited Page 4 of 27 No such person in the address. 5. Partha Chakraborty 30.01.2023 Returned with remarks – Deceased
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:QJA/AA/ERO/ERO/30595/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.