sebi:WTM/MPB/EFD-1-DRA-IV/14/2018
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Facts / Headnote
Directions issued: joint and several refund of Rs. 2.03 Crores with 15% interest, asset inventory, restraint from securities market for 4 years post-refund, and association bar with listed/public companies and SEBI-registered intermediaries.
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
- Subhash Paul
- Somenath Mukherjee
Holding
The Offer of RPS by BARIL to 1,287 allottees was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and directors Subhash Paul and Somenath Mukherjee, being officers in default under Section 5(g), are jointly and severally liable to refund the amounts collected during their tenure with 15% interest per annum, and are restrained from the securities market for four years from completion of refunds.
Full text
Order in the matter of M/s Basundhara Agro Resources (India) Limited Page 2 of 21 financial years 2011-2012, 2012-2013 and 2013-2014 (hereinafter referred to as “Offer of RPS”) and raised an amount of Rs. 2.03 Crores from 1,287 allottees. The number of allottees and funds mobilized has been collated the information submitted by the Company.
Order in the matter of M/s Basundhara Agro Resources (India) Limited Page 3 of 21 by BARIL in respect of the Offer of RPS.
Order in the matter of M/s Basundhara Agro Resources (India) Limited Page 4 of 21 above”. 9. Vide the said interim order, BARIL, its abovementioned Directors were given the opportunity to file their replies, within 21 days from the date of receipt of the said
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/14/2018. 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.