sebi:WTM/MPB/EFD-1-DRA-III/138/2018
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Facts / Headnote
Moonlight, Mr. Samsul Islam, Mr. Nityananda Nath and Mr. Abu Sadeque Ishtiaque Ahmed Choudhury directed to forthwith refund Rs.2.50 crores collected from 695 allottees with 15% p.a. interest and restrained from securities market till 4 years after completion of refunds; Ms. Ferdousi Begum Choudhury, Mr. Nizam Uddin Ahmed, Mr. Kanai Lal Nath and Mr. Md. Abdul Muktadir restrained for 4 years; proceedings against Mr. Abdul Jalil Choudhury abated/revoked on death.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 67(2)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 7
- Reg. 107
- Reg. 57
- Reg. 25
- Reg. 6
- Reg. 111
- Reg. 59
- Reg. 111(1)
- Reg. 111(2)
- Reg. 36
- Reg. 46
- Reg. 63
- Reg. 4(2)(d)
- Reg. 47
- Reg. 5
Parties
- Moonlight Associates Limited
- Mr. Nityananda Nath
- Mr. Abu Sadeque Ishtiaque Ahmed Choudhury
- Ms. Ferdousi Begum Choudhury
- Mr. Samsul Islam
- Mr. Nizam Uddin Ahmed
- Mr. Kanai Lal Nath
- Mr. Abdul Jalil Choudhury
- Mr. Md. Abdul Muktadir
Holding
Moonlight's offer and allotment of equity shares to 695 persons raising Rs.2.50 crores in FY 2007-2008 and 2009-2010 was a deemed public issue in violation of Sections 56, 60 and 73 of the Companies Act, 1956 and DIP Guidelines/ICDR Regulations, requiring joint and several refund with 15% interest by the company and directors during issuance plus market restraint.
Full text
Order in the matter of M/s Moonlight Associates Limited Page 2 of 29 U85110AS2004PLC007336. Subsequently, the name of the Company was changed to Moonlight Associates Limited. Its registered office is at 66, J. S. Complex, G. S. Road, Ulubari, Guwahati, Assam - 781007.
Order in the matter of M/s Moonlight Associates Limited Page 3 of 29 financial years 2007-2008 and 2009-2010 and raised an amount of Rs.2.50 Crores as shown below: Year of Issue Security Issued Amount raised (Rs.) Number of allottees 2007-2008 Equity Shares 2,00,00,000.00
Order in the matter of M/s Moonlight Associates Limited Page 4 of 29 issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders.
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-III/138/2018. 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.