sebi:WTM/MPB/EFD-1-DRA-IV/18/2017
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Facts / Headnote
Directions issued: refund of money with 15% interest, market access ban for 4 years from completion of refunds, asset inventory, escrow account, public notice, and referral to State Government/Police for fraud investigation.
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
- M/s Suncity Infracon Corporation (India) Limited
- Shri Subrata Das
- Shri Apu Saha
- Shri Prashanta Das
- Shri Abhijit Dhar
- Shri Sajal Bhowmick
- Shri Rajesh Kumar Das
Holding
SICIL's offer of Redeemable Preference Shares to 2429 investors was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and SICIL and its directors violated Sections 56(1), 56(3), 60, 73(1), 73(2) and 73(3) of that Act, making them jointly and severally liable to refund Rs. 24,300 with 15% per annum interest.
Full text
Order in the matter of M/s Suncity Infracon Corporation (India) Limited Page 2 of 18 4. As the above said Offer of RPS was found prima facie in violation of respective provisions of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) and the Companies Act, 1956, SEBI passed an interim order dated November 20, 2015 (hereinafter referred to as “Interim Order”) and issued directions mentioned therein against SICIL and its Directors, viz. Shri Subrata Das, Shri Apu Saha, Shri Prashanta Das, Shri Abhijit Dhar, Shri Sajal Bhowmick and Shri Rajesh Kumar Das (hereinafter collectively referred to as “Noticees”).
Order in the matter of M/s Suncity Infracon Corporation (India) Limited Page 3 of 18 ii. SICIL and its present Directors, viz. Shri Subrata Das (PAN: AJKPD1494Q; DIN: 01724865), Shri Apu Saha (PAN: CCMPS5571E; DIN: 03327372), Shri Prashanta Das (PAN: AUVPD8794M; DIN: 03327393), 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 Directors of SICIL, viz. Shri Abhijit Dhar (PAN: AKLPD0722D; DIN: 01725011), Shri Sajal Bhowmick (PAN: ADAPB7401P; DIN: 03339392) and Shri Rajesh Kumar Das (PAN: ALNPD0787H; DIN: 01724894), 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; iv. SICIL 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
Order in the matter of M/s Suncity Infracon Corporation (India) Limited Page 4 of 18 information in respect of the Offer of Redeemable Preference Shares (as sought by SEBI letters dated June 13, 2014 and July 2, 2014), within 14 days from the date of receipt of this Order. ”
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/18/2017. 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.