sebi:WTM/GM/ERO/17/JUNE/2017
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Facts / Headnote
Held liable as director and officer in default; joint and several refund with interest and market-access restraint directions issued
Provisions invoked
- s. 283(1)
- s. 73(2)
- s. 283
Parties
- Pinku Kumar Das
Holding
Pinku Kumar Das was held to have continued as director of Newland Agro Industries Ltd. up to February 26, 2013 and responsible for its offer and allotment of RPS in violation of Sections 56, 60 and 73 of the Companies Act, 1956. He was directed jointly and severally with the company and other directors to refund the money collected with interest at 15% per annum compounded half-yearly, to disclose assets, and not to access the securities market with restraint continuing for four years after completion of repayments.
Full text
_____________________________________________________________________________ Order in respect of Pinku Kumar Das in the matter of Newland Agro Industries Ltd. Page 2 of 8 2013 when in fact, the appellant had resigned on September 21, 2011. In support of the above contention appellant has annexed certain documents to the memo of appeal.
_____________________________________________________________________________ Order in respect of Pinku Kumar Das in the matter of Newland Agro Industries Ltd. Page 3 of 8 Dilip Mehta vs. State of Maharashtra & Ors. (AIR 2002 Bom 194). vi. That after his appointment as director of the company, he had never attended any Board Meeting of the company. vii. Along with the reply, he has submitted (a) copy of the resignation letter dated September 21, 2011, (b) copy of Form 32 showing resignation on February 26, 2013 and (c) copy of Compliance Certificate dated August 29, 2011 issued by K K Sanganeria and Associates, Company Secretary, for the financial year ending on March 31, 2011.
_____________________________________________________________________________ Order in respect of Pinku Kumar Das in the matter of Newland Agro Industries Ltd. Page 4 of 8 by the company as he was director of the company only during the period from December 20, 2010 to September 21, 2011 and even during this period he did not attend any board meeting of the company, hence by virtue of section 283(1)(g) of the Companies Act, 1956, the office of directorship held by him stand vacated.
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Source: SecMarx — sebi:WTM/GM/ERO/17/JUNE/2017. 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.