sebi:WTM/GM/IMD/71/2018-19
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Facts / Headnote
Prima facie public-issue violations found; interim restraint from securities market and asset disposal imposed, joint and several refund with interest proposed, and noticees called to show cause within 21/90 days.
Provisions invoked
- s. 62
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 248
- s. 248(5)
- s. 250
- s. 56
- s. 73(2)
- s. 73(1)
- s. 60
- s. 248(7)
- s. 248(6)
Parties
- Shrivallis Securities Limited
- Smruti Ranjan Biswal
- Sweta Biswal
- Sambit Mohanty
- Subrat Kumar Routray
- Snigdha Biswal
- Ramarani Mohanty
- Kalla Chidambareswar Rao
Holding
SEBI prima facie held SSL's offer and allotment of 24% Redeemable Preference Shares to 421 persons raising Rs.4,39,96,000 was a deemed public issue in breach of Sections 56, 60 and 73 of the Companies Act, 1956, and issued interim directions restraining market access and proposing joint and several refund with 15% interest.
Full text
__________________________________________________________________________________ Order in the matter of Shrivallis Securities Limited Page 2 of 11 i. Copy of Audited Annual Accounts and Annual Returns of the company since inception; ii. Name, addresses, PAN and occupation of all the Promoters/Directors and Key Managerial Personnel of the company; iii. Nature of business of the company; iv. Other Information in respect of issue of Shares/Debentures:
__________________________________________________________________________________ Order in the matter of Shrivallis Securities Limited Page 3 of 11
__________________________________________________________________________________ Order in the matter of Shrivallis Securities Limited Page 4 of 11 (vii) Total Capital of the Company: a. Authorised Share Capital: Total Rs. 10,00,00,000 i. Equity Shares : 10,00,000 Shares @ Rs.10/- each and ii. Preference Share : 9,00,000 Shares @ Rs.100/- each b. Issued Capital i. Equity Shares : 50,000 Shares @ Rs.10/- each and ii. Preference Share : 4,39,960 Shares @ Rs.100/- each (viii) Details of allotment of Redeemable Preference Shares as per Form-2 Details of Redeemable Preference Shares Issued Date of Allotment of Shares No. of 24% Redeemable Preference Shares Allotted No. of Allottees Value of Allotment (in `) 06-05-2011 1,900 3 1,90,000 06-06-2011 15,200 11 15,20,000 29-07-2011 47,050 35 47,05,000 26-09-2011 89,850 81 89,85,000 11-11-2011 49,560 44 49,56,000 27-01-2012 42,650 45 42,65,000 27-04-2012 85,900 80 85,90,000 01-06-2012 43,200 47 43,20,000 06-07-2012 40,000 46 40,00,000 03-08-2012 24,650 29 24,65,000 Total 4,39,960 421 4,39,96,000
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Source: SecMarx — sebi:WTM/GM/IMD/71/2018-19. 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.