sebi:WTM/MPB/EFD-1-DRA-IV/113/2017
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Facts / Headnote
Directions issued: refund of Rs. 39.87 lakhs with 15% interest, market access ban of 4 years, asset inventory, escrow account, public notice, and compliance report
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. 107
Parties
- Idol India Projects Limited
- Shri Pintu Sarkar
- Shri Bappaditya Majumder
- Shri Ajay Kumar
- Shri Shribas Chandra Das
Holding
IIPL's Offer of Redeemable Preference Shares to 386 investors raising Rs. 39.87 lakhs was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and IIPL and its directors during the relevant period are jointly and severally liable to refund the amount with 15% interest per annum.
Full text
Order in the matter of Idol India Projects Limited Page 2 of 21 4. As the above said Offer of RPS was found prima facie in violation of respective provisions of the SEBI Act, 1992 and the Companies Act, 1956, SEBI passed an interim order dated October 09, 2015 (hereinafter referred to as “interim order”) and issued directions mentioned therein against IIPL and its Directors and viz. Shri Pintu Sarkar, Shri Bappaditya Majumder, Shri Ajay Kumar, Shri Shribas Chandra Das (hereinafter collectively referred to as “Noticees”)
Order in the matter of Idol India Projects Limited Page 3 of 21 03089042), Shri Bappaditya Majumder (PAN: AKNPM5664R; DIN: 03323655) and Shri Ajay Kumar (PAN: BCGPK9225A; DIN: 05307850), are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; iii. The past Director of IIPL, viz. Shri Shribas Chandra Das (PAN: AFTPD2362Q; DIN: 03089046), is prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; iv. IIPL and its abovementioned past and present Directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions; v. IIPL shall provide a full inventory of all its assets and properties; vi. IIPL's abovementioned past and present Directors shall provide a full inventory of all their assets and properties; vii. IIPL and its abovementioned present Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of Redeemable Preference Shares, without prior permission from SEBI; viii. IIPL and its abovementioned present Directors shal
Order in the matter of Idol India Projects Limited Page 4 of 21 i. Directing them jointly and severally to refund money collected through the Offer of Redeemable Preference Shares along with interest, if any, promised to investors therein; ii. Directing them not to issue prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, for an appropriate period; iii. Directing them to refrain from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities for an appropriate period.
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/113/2017. 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.