sebi:WTM/GM/SEBI/ERO/IMD/37/2017-18
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Facts / Headnote
Interim directions issued restraining access to securities market, restraining disposal/alienation of assets and diversion of funds, and directing cooperation; noticees called upon to show cause why joint and several refund with 15% interest and market restraint should not be imposed, failing which preliminary findings and directions become final automatically.
Provisions invoked
- s. 62
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 73(1)
- s. 60
Parties
- MPIL
- Koushik Mukherjee
- Syed Shofique Hossain
- Pradyut Kumar Ghosh
- Shome Shankar Ray
- Syed Safkat Hossain
- Tapas Ghosh
- Sudip Banerjee
- Mithu Ghosh
Holding
SEBI prima facie held MPIL's offer and allotment of redeemable preference shares to 2355 persons was an offer to the public in breach of Sections 56, 60 and 73 of the Companies Act, 1956 and issued interim restraints while calling upon MPIL, its directors and promoters to show cause why joint and several refund with 15% interest and securities market restraint should not be imposed.
Full text
Page 2 of 9 (ii) SEBI issued letters dated April 21, 2016 to MPIL and its three directors, namely Shri Pradyut Kumar Ghosh, Shri Syed Shofique Hossain and Shri Shome Shankar Ray, requesting them to furnish information regarding mobilization of funds from public. (iii) While SEBI letters dated April 21, 2016 to MPIL and its two directors, namely Shri Syed Shofique Hossain and Shri Shome Shankar Ray, returned undelivered, the third director, Shri Pradyut Kumar Ghosh, responded vide letter (undated) received on May 18, 2016, whereby he submitted inter alia that he was a “silent director” and had no documents or information with him which was sought by SEBI. (iv) A site visit was conducted on September 08, 2016 at the registered office address of MPIL. However, the company could not be located at the said address.
Page 3 of 9 Date of Board meeting Date of passing resolution Amount proposed to be raised Type of issue 14.01.2011 14.01.2011 10 Crore Redeemable Preference Shares of Rs. 10/- each at premium of Rs. 90/- per share on Private placement
Page 4 of 9 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/37/2017-18. 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.