sebi:WTM/GM/SEBI/ERO/IMD/19/JUNE/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining noticees from securities market and disposing/alienating assets, and show cause notice issued why joint and several refund with 15% interest and 4-year market restraint should not be imposed.
Provisions invoked
- s. 62
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 73(1)
- s. 60
Parties
- BARIL
- Sujit Dutta
- Bibhas Pal
- Somenath Mukherjee
- Subhas Paul
Holding
BARIL's offer and allotment of preference shares to 1,287 persons prima facie constitutes a public issue in breach of Sections 56, 60 and 73 of the Companies Act, 1956, warranting interim restraints and a show-cause for joint and several refund with interest.
Full text
Page 2 of 10 dated November 23, 2015 was received from BARIL and replies were received from two directors namely, Sujit Dutta and Somenath Mukherjee, but the replies were filed with either no relevant information or partial information. (ii) Reminder letters dated April 08, 2016 were sent to the Noticees but no replies were received.
Page 3 of 10 22.03.2012 Preference Shares 15 373000 23.03.2012 Preference Shares 44 264500 24.03.2012 Preference Shares 22 575000 26.03.2012 Preference Shares 15 173000 27.03.2012 Preference Shares 28 548000 2012- 13 21.12.2012 Preference Shares 50 2549000 22.12.2012 Preference Shares 29 254000 24.12.2012 Preference Shares 35 532000 26.12.2012 Preference Shares 25 251000 27.12.2012 Preference Shares 44 867000 28.12.2012 Preference Shares 36 655000 29.12.2012 Preference Shares 59 804000 31.12.2012 Preference Shares 55 616100 2013- 14 Not available in MCA 21 portal
Page 4 of 10 (TABLE 2) Year No of RPS Amount Raised (`) No. of Allottees 2011-12 4,25,570 42,55,700 315 2012-13 12,33,210 1,23,32,100 739 2013-14 3,78,600 37,86,000 233 Total 20,37,380 2,03,73,800 1,287
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Source: SecMarx — sebi:WTM/GM/SEBI/ERO/IMD/19/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.