sebi:WTM/GM/SEBI/ERO/IMD/28/JUNE/2017
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Facts / Headnote
Interim directions issued with immediate effect restraining access to securities market and alienation of assets, directing cooperation, and calling upon noticees to show cause why refund with interest and market restraint should not be imposed; directions to become final automatically if no reply/hearing sought within 90 days.
Provisions invoked
- s. 62
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 73(1)
- s. 60
Parties
- AAPL
- Aloke Das
- Nabarun Dutta
- Sheke Ajger Ali
- Debasish Dutta
- Sheke Jasmir Hossain
- Gouri Dutta
- Sekh Jasim Hossain
- Santanu Das
- SK Mansur Ali
Holding
AAPL's offer and allotment of redeemable preference shares prima facie constituted a public issue in breach of Sections 56, 60 and 73 of the Companies Act, 1956, warranting interim restraints and a show-cause notice for joint and several refund with 15% interest.
Full text
Page 2 of 9 (ii) Letters dated January 30, 2014 were also issued to its directors namely, Alok Das, Nabarun Dutta and Sheke Ajger Ali for furnishing the aforesaid information. (iii) No reply / response was received from the AAPL or its directors (iv) Reminders dated July 29 2013 were sent to the company’s registered address. No reply / response was received from the AAPL. (v) A site visit was conducted on July 20, 2016 at the registered office address of AAPL. However, the company could not be located at the said address.
Page 3 of 9 x) Details of Redeemable Preference Shares Issued (As per Form 2) Year Date of allotment Type No of allottees Amount (Rs.) 2010-11 30.03.2011 Preference Shares 39 59,70,000
Page 4 of 9 ISSUES FOR DETERMINATION 7. In the context of the details of the offer and allotment of preference shares mentioned in the Table at paragraph 5 above (hereinafter referred to as "the offer and allotment of preference shares"), the issue for determination in the instant matter is whether or not such mobilization of funds by AAPL 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/28/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.