sebi:WTM/ASB/EFD/DRA1/26687/2023-24
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Facts / Headnote
Interim directions issued restraining fresh mobilization and securities market access, directing asset inventory and preservation, and calling upon noticees to show cause why final refund and debarment directions should not be issued
Provisions invoked
- s. 19
- s. 12A
- s. 15H
- s. 15I
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 55
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 73(3)
Regulations
- Reg. 16
- Reg. 4(2)
- Reg. 3(a)
- Reg. 16(1)
Parties
- Indus Weir Industries Limited
- Prince Rana
- Anuresh
- Anil Kumar Trivedi
- Rasheed Quamar
- Mazharul Quadri
- Parthsarthi Adhikari
- Shyam Sunder Seth
- Paras Nath Sharma
- Ratnesh Kumar Pandey
- Balchand Chaurasiya
Holding
SEBI prima facie held IWIL's offer and allotment of RPS to 32,454 investors was a deemed public issue in violation of the Companies Act, 1956 and NCRPS and PFUTP norms, and issued interim restraints while directing IWIL and its directors to show cause why final refund and debarment directions should not be imposed.
Full text
Interim Order-cum- Show Cause Notice in the Matter of Indus Weir Industries Limited Page 2 of 19 About IWIL: 2. From the information obtained from the Ministry of Corporate Affairs' website i.e. 'MCA 21 Portal', and other material available on record, it was observed that IWIL was incorporated on August 13, 2010 under RoC-Delhi, having its CIN as ‘U15410DL2010PLC207057’. Its Registered Office is situated at 44/1, West Guru Angad Nagar, Vikas Marg, Opposite Scope Tower, Laxmi Nagar, Delhi. The current filing status of the Company is ‘Inactive’. The date of last Balance Sheet filled is 31.03.2015 and last AGM is 30.09.2015. The Company had offices in 55 locations across India. The names of the persons, who were directors of the Company during the period when the RPS were issued, are provided in the Table below.
Interim Order-cum- Show Cause Notice in the Matter of Indus Weir Industries Limited Page 3 of 19 Examination by SEBI: 4. SEBI vide letter dated August 13, 2013, sought, inter alia, the following information and documents, related to issuance of RPS and mobilization of money by the Company:
Interim Order-cum- Show Cause Notice in the Matter of Indus Weir Industries Limited Page 4 of 19 of 2011) (Judgment dated August 31, 2012) (hereinafter referred to as the "Sahara Case"), the Company, based on legal opinion obtained by it, voluntarily decided to close all schemes and return the money collected so far to the public in a short span of time. (d) Before the proceedings in the Sahara Case, the law on the subject matter was not crystallized and in view of the ambiguity, it was collecting funds under the impression that it was legally allowed. (e) IWIL had already started the process of refund and the completion of the process of refund would be intimated to SEBI.
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Source: SecMarx — sebi:WTM/ASB/EFD/DRA1/26687/2023-24. 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.