sebi:WTM/GM/IMD/49/2017-18
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Facts / Headnote
Interim directions issued restraining access to securities market and alienation of assets, with show cause notice for joint and several refund
Provisions invoked
- s. 62
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 73(1)
- s. 60
Parties
- Dreamway Industries Limited
- Shri Nirupam Santra
- Shri Rupam Santra
- Shri Purnendu Santra
- Shri Malay Mallick
- Shri Soumen Manna
- Shri Naba Kumar Santra
- Shri Dipudas Ghosh
- Shri Bhaskar Ganguly
- Shri Prodyumna Kumar Ghosh
- Shri Subrata Manna
- Shri Subrata Kumar Banerjee
Holding
SEBI prima facie held that DIL's offer and allotment of Redeemable Preference Shares to 468 persons was a public issue in breach of Sections 56, 60 and 73 of the Companies Act, 1956, and issued interim restraints while calling upon DIL and its promoters/directors to show cause why joint and several refund with 15% interest should not be ordered.
Full text
Page 2 of 11 necessary measures for refund of money invested by the complainant in the debenture issued by the company. The complainant had also submitted a copy of a debenture certificate issued by the company.
Page 3 of 11 f. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of Shares/Debentures. g. Terms and conditions of the issue of Shares/Debentures. h. Whether the company has applied for listing of its securities with any of the Stock Exchanges. i. Copies of Form 2 and Form 10 filed with the RoC. j. Details of Debenture Trustee viz. Name, address, board resolution authorizing their appointment etc.
Page 4 of 11 vii. Total Issued Capital of the Company(As on March 31, 2012): i. Equity Shares : 50,000 Shares @ Rs. 10/- each ii. Preference Share : 6,99,900 Shares @ Rs. 10/- each viii. Allotment details as per Form 2: Details of redeemable preference shares Issued Financial Year Date of Allotment of Shares Type of Shares No. of Allotees No. of Shares Allotted Value of Allotment (in Rs.) 2010 -11 31.03.2011 Redeemable Preference Shares 468 6,99,900 69,99,000/- Total 468 6,99,900 69,99,000/-
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Source: SecMarx — sebi:WTM/GM/IMD/49/2017-18. 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.