sebi:WTM/AB/EFD-1/DRA-IV/13/2020-21
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Facts / Headnote
Violations established for deemed public issue of Secured Redeemable Debentures; interim restraints to continue
Provisions invoked
- s. 11B
- s. 19
- s. 12(1)
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 16(1)
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Holding
BICL's offer and allotment of Secured Redeemable Debentures to 9,402 holders was a deemed public issue in violation of Sections 56, 60, 67 and 73 of the Companies Act, 1956 and the ILDS Regulations, and Sushanta Nandy acted as an unregistered debenture trustee in violation of Section 12(1) of the SEBI Act and Regulation 7 of the DB Regulations.
Full text
Final Order in the matter of BSP Infrastructure & Construction Limited Page 2 of 46 – In the matter of BSP Infrastructure & Construction Limited. The aforesaid entities are hereinafter referred to individually by their respective names/Noticee numbers and collectively as “the Noticees”
Final Order in the matter of BSP Infrastructure & Construction Limited Page 3 of 46 Ratikanta Mishra (Noticee no. 10), Saiful Islam Khan (Noticee no. 11) and Sushanta Nandy (Noticee no. 12).
Final Order in the matter of BSP Infrastructure & Construction Limited Page 4 of 46 May 21, 2018 and that reported in documents filed with the RoC, a letter dated April 03, 2018 was issued to the company seeking clarification. The company in its letter dated May 15, 2018 submitted that the nominal value of the debentures was Rs.100/- which was incorrectly mentioned as Re.1/- in the said letter and that the debenture certificate itself mentions a face value of Rs.100/-. It further submitted that it was in the process of compiling data regarding 9,402 debenture holders in the prescribed format. It further provided a list of 651 debenture holders and undertook to submit the details of remaining debenture holders shortly.
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-IV/13/2020-21. 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.