sebi:WTM/MPB/EFD-1-DRA-IV/139/2018
Facts / Headnote
Directed RSCL and its eight directors to forthwith refund at least Rs. 8,49,72,900 collected through Offer of RPS with 15% per annum interest from the eighth day of collection, through ancillary inventory, escrow, public notice and CA-certified compliance directions, and restrained them from accessing/dealing in securities market and associating with listed/public fundraising companies/intermediaries for 4 years from completion of refunds.
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 relied on
- Companies Act, 1956
Parties
- M/s Real Sunshine Corp Limited (Earlier known as Real Sunshine Agrotech Limited)
- Shri Abdul Wahid
- Shri Pradeep Ojha
- Shri Anil Kumar
- Shri Bipin Singh Yadav
- Shri Rajkumar Yadav
- Shri Atendra Kumar
- Shri Siba Prosad Ghosh
- Shri Jitendra Singh Yadav
Holding
RSCL's Offer of Redeemable Preference Shares to at least 4,525 allottees raising at least Rs. 8,49,72,900 during 2009-2010 to 2011-2012 was a deemed public issue that violated Sections 56, 60 and 73 of the Companies Act, 1956. RSCL and its eight directors were held jointly and severally liable to refund the amounts with 15% per annum interest and were restrained from the securities market.
Full text
Order in the matter of M/s Real Sunshine Corp Limited (Earlier known as Real Sunshine Agrotech Limited) Page 2 of 20 2. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) received complaint from some persons against RSCL in respect of issue of Redeemable Preference Shares (“RPS”) and undertook an enquiry to ascertain whether RSCL had made any public issue of securities without complying with the provisions of the Companies Act, 1956; Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) and the Rules and Regulations framed thereunder
Order in the matter of M/s Real Sunshine Corp Limited (Earlier known as Real Sunshine Agrotech Limited) Page 3 of 20 2010-2011 2,83,63,700
Order in the matter of M/s Real Sunshine Corp Limited (Earlier known as Real Sunshine Agrotech Limited) Page 4 of 20 market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions;
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/139/2018. 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.