sebi:WTM/MPB/EFD-1-DRA-IV/118/2018
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Facts / Headnote
Violations found; refund with interest and debarment directions issued against company and directors
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 67(1)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 67(2)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 107
Parties
- M/s Media 9th Creations Ltd
- Shri Pushpal Roy Choudhury
- Shri Shuvra Roychoudhury
- Shri Sibsankar Chowdhury
Holding
MCL's Offer of RPS to 259 allottees raising Rs. 90 Lakhs was a deemed public issue in violation of Sections 56(1), 56(3), 60 and 73 of the Companies Act, 1956. MCL with Shri Pushpal Roy Choudhury and Shri Shuvra Roychoudhury were directed to refund the amount with 15% interest and were restrained from the securities market, while Shri Sibsankar Chowdhury was restrained without refund liability.
Full text
Order in the matter of M/s Media 9th Creations Ltd Page 2 of 18 Rules and Regulations framed thereunder read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as "ICDR Regulations")
Order in the matter of M/s Media 9th Creations Ltd Page 3 of 18 to prohibit them from accessing the capital market. 8. Vide the said SCN, MCL and its abovementioned Directors were given the opportunity to file their replies, within 21 days from the date of receipt of the said SCN. The SCN further stated that the concerned persons may also indicate whether they desired to avail themselves an opportunity of personal hearing.
Order in the matter of M/s Media 9th Creations Ltd Page 4 of 18 73 of Companies Act 1956. (3) If the findings on Issue No.2 are found in the affirmative, who are liable for the violation committed?
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/118/2018. 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.