sebi:WTM/MPB/EFD-1-DRA-IV/158/2018
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Facts / Headnote
SIIL and directors Shri Arunabha Mukhopadhyay, Shri Indranil Das, Shri Subrata Das, Shri Akhil Chandra Saha directed jointly and severally to forthwith refund money collected through Offer of RPS with 15% per annum interest from eighth day of collection, only through banking channels, with asset-sale proceeds in escrow and peer-reviewed CA certification, and restrained from accessing securities market and associating with listed public companies, public fundraising companies or SEBI-registered intermediaries till expiry of 4 years from completion of refunds, failing which recovery under section 28A of SEBI Act.
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
- Suraksha Industries India Limited
- Shri Arunabha Mukhopadhyay
- Shri Indranil Das
- Shri Subrata Das
- Shri Akhil Chandra Saha
Holding
SIIL's Offer of Redeemable Preference Shares to at least 794 investors raising at least Rs. 82.23 lakh in 2012-2013 was a deemed public issue violating sections 56, 60 and 73 of the Companies Act, 1956, and SIIL with directors Shri Arunabha Mukhopadhyay, Shri Indranil Das, Shri Subrata Das and Shri Akhil Chandra Saha are jointly and severally liable to refund with 15% interest and subject to market-access restraints.
Full text
Order in the matter of Suraksha Industries India Limited Page 2 of 32 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 Suraksha Industries India Limited Page 3 of 32 73(3) of the Companies Act were not complied with by SIIL in respect of the Offer of RPS.
Order in the matter of Suraksha Industries India Limited Page 4 of 32 be passed against them: 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/158/2018. 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.