sebi:WTM/MPB/EFD-1-DRA-III/148/2018
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Facts / Headnote
Found deemed public issues of OCDs/Sun Bonds in violation of Companies Act, 1956 and DIP Guidelines; held companies and officer-in-default directors jointly and severally liable to refund with 15% p.a. interest, with directors/promoters liable to be debarred from securities market; implementation subject to orders in winding-up and criminal proceedings.
Provisions invoked
- s. 11B
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 58A
- 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)
Regulations
- Reg. 107
- Reg. 111(1)
- Reg. 111(2)
Holding
Helios Corporation (Rs. 11,95,34,587 from 4,062+ allottees) and Helios Chemicals (Rs. 7,99,85,000 from 4,810+ investors) made deemed public issues of OCDs without prospectus, listing or DIP compliance, violating sections 56, 60 r/w 2(36), 73 of Companies Act, 1956, and are jointly and severally with officer-in-default directors liable to refund with 15% p.a. interest.
Full text
Order in the matter of M/s Helios Corporation Limited and Helios Chemicals Limited Page 2 of 42 Companies–Patna (RoC) with CIN: U65191BR1995PLC006839. Its registered office is at 2nd Floor, Maharani Complex, Anishabad, PS Gardanibag, Patna, Bihar – 800001. Helios Chemicals Limited (hereinafter referred to as “Helios Chemicals”) is a Public company incorporated on April 28, 1994 and registered with Registrar of Companies– Patna (RoC) with CIN: U24110BR1994PLC005865. Its registered office is at 2nd Floor, Maharani Complex, Anishabad, PS Gardanibag, Patna, Bihar – 800001.
Order in the matter of M/s Helios Corporation Limited and Helios Chemicals Limited Page 3 of 42 4,810 allottees. The number of allottees and funds mobilized has been collated from the records available on the MCA21 portal and the reply dated January 22, 2015 as filed by Helios Chemicals. It was also stated in the said letter dated January 22, 2015 that details of additional existing bond holders for 11,267 bonds are misplaced.
Order in the matter of M/s Helios Corporation Limited and Helios Chemicals Limited Page 4 of 42 of the land. … (B) The objects incidental or ancillary to the attainment of main objects are: …
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-III/148/2018. 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.