sebi:WTM/GM/SEBI/ERO/IMD/24/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 accessing securities market; show cause notice issued on preliminary findings; refund of money with 15% interest proposed subject to reply
Provisions invoked
- s. 11B
- s. 11
- s. 12(1)
- s. 62
- s. 55A
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 117A
- s. 56
- s. 73(2)
- s. 73(1)
- s. 60
Regulations
- Reg. 7
- Reg. 4(2)
Parties
- R. N. Polymer Industries Ltd.
- Bandana Basak
- Amal Kumar Basak
- Chanchal Basak
- Pathik Bandhu Lohar
Holding
SEBI found RNPIL prima facie in breach of Sections 56, 60, 67 and 73 of the Companies Act, 1956, the DIP Guidelines, 2000, the ILDS Regulations, 2008, and Section 12(1) of the SEBI Act (for the debenture trustee), and issued interim directions restraining the company, its three directors, and the debenture trustee from accessing the securities market, along with a show cause notice proposing refund of monies with 15% interest.
Full text
Page 2 of 19 (TABLE 1) Name of Entity/ Director Designation Letter Date Letter Status (Returned/ Delivered) Reminder Letter sent date (if any) Letter Status (Returned/ Delivered) R. N. Polymer Industries Ltd. Company 05.01.2016 Status unknown, however no reply received till date.
Page 3 of 19 Issue capital(As on 31.03.2012, as per Balance Sheet filed by RNPIL): (a) Equity Capital: 51,67,900 (b) Preference Capital : 57,94,900
Page 4 of 19 (TABLE 3) Year Date of allotment No. of allottees Amount (Rs.) 2008- 2009 18.03.2009 74 4,56,000 2009- 2010 20.04.2009 303 19,08,700 2009- 2010 17.08.2009 153 12,47,800 2009- 2010 17.08.2009 240 5,44,500 2009- 2010 21.01.2010 118 8,09,900 2009- 2010 18.03.2010 131 12,24,000 TOTAL
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Source: SecMarx — sebi:WTM/GM/SEBI/ERO/IMD/24/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.