sebi:WTM/IA/SRO/MPB/185/2021-22
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Facts / Headnote
MIAPL found in violation of IA Regulations; Mr. Sarbashish Basu held liable for violations during his tenure as director; Mr. Pankaj Mahanty held not prima facie liable; interim directions considered for confirmation, revocation or modification
Provisions invoked
- s. 11B
- s. 19
- s. 27
- s. 27(1)
- s. 138
- s. 149(12)
- s. 179
- s. 27(2)
Regulations
- Reg. 11
- Reg. 3
- Reg. 10
- Reg. 15
- Reg. 20
- Reg. 201
- Reg. 8(1)
- Reg. 15(9)
- Reg. 13(b)
- Reg. 15(12)
Parties
- Minance Investment Advisor Pvt. Ltd.
- Mr. Anurag Bhatia
- Mr. Sarbashish Basu
- Mr. Pankaj Mahanty
Holding
Mr. Sarbashish Basu, as a director in-charge during the contravention period, is held liable for MIAPL's failure to intimate change of registered office and to maintain capital adequacy, while Mr. Pankaj Mahanty is held not prima facie liable under section 27(2) having taken due diligent steps and resigned promptly.
Full text
Order in the matter of Minance Investment Advisor Pvt. Ltd. Page 1 of 37 WTM/IA/SRO/MPB/185/2021-22 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: MADHABI PURI BUCH, WHOLE TIME MEMBER
Order in the matter of Minance Investment Advisor Pvt. Ltd. Page 2 of 37 2. Securities and Exchange Board of India (“SEBI”) received a number of complaints against MIAPL on SEBI Complaints Redress System (“SCORES”). Due to the number of complaints on SCORES, complaint with various enforcement agencies and based on information available on the website of MIAPL, MCA, Bank records, etc.
Order in the matter of Minance Investment Advisor Pvt. Ltd. Page 3 of 37 2.4. At least Five (5) First Information Reports (“FIRs”) have been filed against MIAPL and its Promoter – Director, Mr. Anurag Bhatia, across India, inter alia alleging criminal breach of trust, cheating, misrepresentation under The Indian Penal Code, 1860, and offences under the Information Technology Act, 2000. Further, cases (at least 6 in nos.) under Section 138 of The Negotiable Instruments Act, 1881 (Dishonor of cheque for insufficiency of funds in the account, etc.) have been filed against MTPL and Mr. Anurag Bhatia in various courts across India (source: https://services.ecourts.gov.in/).
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Source: SecMarx — sebi:WTM/IA/SRO/MPB/185/2021-22. 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.