sebi:WTM/MB/SEBI/EFD-DRA4/12/2017
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Facts / Headnote
Held Offer of Redeemable Preference Shares was a deemed public issue in violation of Companies Act, 1956 and directed RHAPL and its four directors to jointly and severally refund monies with 15% p.a. interest, file inventories and compliance reports, and restrained them from securities market for 4 years from completion of refunds.
Provisions invoked
- s. 19
- s. 81
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 56(4)
- s. 73(3)
Parties
- Regal Hitech Agro Projects Limited
- Shri Subhas Sur
- Shri Sougata Das
- Shri Sandip Kodaly
- Shri Pralayes Ghosh Mondal
Holding
RHAPL's 2012-2013 Offer of Redeemable Preference Shares was a deemed public issue that violated sections 56(1), 56(3), 2(36) read with 60, and 73(1), 73(2), 73(3) of the Companies Act, 1956. RHAPL and directors Shri Subhas Sur, Shri Sougata Das, Shri Sandip Kodaly and Shri Pralayes Ghosh Mondal were directed to refund the collected money with 15% p.a. interest and were restrained from the securities market till 4 years after completion of refunds.
Full text
Order in the matter of Regal Hitech Agro Projects Limited dated August 24, 2017 Page 2 of 18 order dated December 3, 2015, against RHAPL and its directors, Shri Subhas Sur, Shri Sougata Das, Shri Sandip Kodaly and Shri Pralayes Ghosh Mondal.
Order in the matter of Regal Hitech Agro Projects Limited dated August 24, 2017 Page 3 of 18 equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions.
Order in the matter of Regal Hitech Agro Projects Limited dated August 24, 2017 Page 4 of 18 6. Vide the aforesaid interim order, RHAPL and its directors,Shri Subhas Sur, Shri Sougata Das, Shri Sandip Kodaly and Shri Pralayes Ghosh Mondal were afforded 21 days from the date of receipt of the interim order, to file their replies, if any and to seek an opportunity of personal hearing, if they so desired.
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Source: SecMarx — sebi:WTM/MB/SEBI/EFD-DRA4/12/2017. 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.