sebi:WTM/GM/NRO/30/2017
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Facts / Headnote
Interim directions restraining fresh NCD mobilization, securities market access, asset disposal and debenture trustee activity; noticees called upon to show cause why joint and several refund with 15% p.a. interest and 4-year market bar should not be imposed.
Provisions invoked
- s. 11B
- s. 11
- s. 12(1)
- s. 73
- s. 4A
- s. 67
- s. 117A
- s. 73(2)
- s. 67(3)
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 117C
- s. 40
- s. 2(70)
- s. 71(4)
- s. 26(1)
Regulations
- Reg. 7
- Reg. 28
Parties
- Aspen Industries Limited
- Shri Abhijit Dasgupta
- Shri Bhaskar Saha
- Shri Ujjal Kumar Roy
- M/s Aspen Debenture Trust represented by Shri Raju Sarkar
Holding
SEBI prima facie held AIL's issuance of NCDs to more than 49/200 persons was a deemed public issue made without prospectus, listing or Debt Securities Regulations compliance, and issued immediate interim restraints while calling upon AIL, its three directors and its debenture trustee to show cause why refund with 15% interest and market bar should not be imposed.
Full text
Interim order in the matter of Aspen Industries Limited Page 2 of 17 d. Application forms /model agreement which were required to be submitted / executed / signed by investors / clients / applicants to participate/invest in the scheme/plan/offer. e. Copies of the certificates issued to the investors to subscribe to such schemes. f. Copies of Agreements / contracts entered into by investors / clients / applicants with AIL at the time of subscribing or joining to the scheme and continuation of scheme/plan/offers. g. Details of the regulatory approvals obtained by AIL, if any, for the issuance of debentures or schemes. h. Details of any other similar schemes floated by AIL or its group or associate company. i. Number of plans/schemes/offers/projects launched or proposed. j. Structure of such plans/schemes/offers/projects. k. Terms and conditions of each such plan/scheme/offers/projects. l. Number of investors and amount collected in each such plan/scheme. m. Balance Sheets and Profit and Loss Accounts of AIL since incorporation as filed with the concerned Registrar of Companies. n. Annual Returns since incorporation as filed with the concerned Registrar of Companies. o. Certified copies of audited financial statements for the last three financial years. p. Copies of Income Tax Returns filed for the last three financial years.
Interim order in the matter of Aspen Industries Limited Page 3 of 17 and annual reports for the year 2013-14 and 2014-15. However, no documents were furnished subsequently.
Interim order in the matter of Aspen Industries Limited Page 4 of 17 SCHEME-3 MULTIPLE NON-CONVERTIBLE REDEEMABLE SECURED DEBENTURE (INSTALLMENT)
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Source: SecMarx — sebi:WTM/GM/NRO/30/2017. 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.