sebi:WTM/GM/EFD/69/2017-18
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Facts / Headnote
Directions issued: joint and several refund of principal with 15% interest within 90 days; market access restrictions; caution/warning to MCSL; restraint on Mrs. Santu Kumari
Provisions invoked
- s. 11(1)
- s. 12(1)
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 117B
- s. 73(2)
- s. 73(1)
Regulations
- Reg. 7
- Reg. 4(2)
Parties
- Moral Devcon Limited (MDL)
- Moral Health & Personal Care Limited (MHPCL)
- Moral Commotrade Limited (MCL)
- Moral Infrastructure Corporation Limited (MICL)
- Moral Capital Services Limited (MCSL)
- Shri Arun Kumar
- Shri Ajay Kumar Sharma
- Shri Gyaneshwar Sharma
- Mrs. Santu Kumari
Holding
The four Moral Group companies violated Sections 67 and 73 of the Companies Act, 1956 and ILDS Regulations by making a public issue of NCDs without listing permission, and their directors are jointly and severally liable to refund principal with 15% interest within 90 days. Mrs. Santu Kumari violated Section 12(1) of the SEBI Act by acting as an unregistered debenture trustee, and MCSL made false claims of being a sub-broker, DP and PM.
Full text
__________________________________________________________________________________ Order in the matter of Moral Group of Companies Page 2 of 19
__________________________________________________________________________________ Order in the matter of Moral Group of Companies Page 3 of 19
__________________________________________________________________________________ Order in the matter of Moral Group of Companies Page 4 of 19
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Source: SecMarx — sebi:WTM/GM/EFD/69/2017-18. 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.