sebi:WTM/GM/SEBI/ERO/IMD/21/JUNE/2017
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Facts / Headnote
Interim directions issued restraining noticees from securities market and from disposing assets and directing cooperation; show cause notice issued why joint and several refund with interest and market prohibition 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
- Shreebhumi Constructions Ltd.
- Shubhranshu Singh
- Chhotrai Majhi
- Prabin Dash
Holding
SEBI prima facie held the offer and allotment of redeemable preference shares by SCL to 241 persons was a public issue in breach of Sections 56, 60 and 73 of the Companies Act, 1956 and issued interim restraints with show cause for joint and several refund with 15% interest and market debarment.
Full text
Page 2 of 9 Shubhranshu Singh 22.09.2016 such addressee/ Left’ Chhotrai Majhi 22.09.2016 Prabin Dash 22.09.2016 Delivered 14.10.2016 Delivered
Page 3 of 9 i. Equity Shares : 50,500 Shares @ ` 10/- each and ii. Preference Share : 19,49,200 Shares @ ` 10/- each c. Allotment details as per Form 2:
Page 4 of 9 not such mobilization of funds by SCL is in accordance with the provisions of the Companies Act, 1956 read with the provisions of the SEBI Act, 1992.
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Source: SecMarx — sebi:WTM/GM/SEBI/ERO/IMD/21/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.