sebi:WTM/MPB/EFD-1-DRA-IV/189/2021
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Facts / Headnote
Held the 2007-08 allotments were a deemed public issue in violation of Sections 56, 60, 73 read with Section 67 of Companies Act, 1956 and DIP Guidelines; directed Aakruti Nirmiti Limited with Mr. Manilal V Patel and Mr. Vithal S Patel jointly and severally to refund Rs. 29.83 crore with 15% p.a. interest, debarred all Noticees for appropriate period, and forwarded order to MCA/RoC.
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. 56(1)
- s. 56(3)
- s. 67(2)
- s. 73(3)
- s. 67(4)
Regulations
- Reg. 107
- Reg. 301
- Reg. 301(2)
- Reg. 301(1)
Holding
The company's 7 allotments of 2,98,36,817 equity shares to 284 persons during April 17, 2007 to December 15, 2007 constituted one deemed public issue violating Sections 56, 60 and 73 read with Section 67 of the Companies Act, 1956. Aakruti Nirmiti Limited with its Chairman & Managing Director Manilal V Patel and Joint Managing Director Vithal S Patel are jointly and severally liable to refund the mobilised Rs. 29.83 crore with 15% p.a. interest, and all Noticees are liable to be debarred.
Full text
Order in the matter of Aakruti Nirmiti Limited Page 1 of 46 WTM/MPB/EFD-1-DRA-IV/189/2021 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Aakruti Nirmiti Limited Page 2 of 46 Noticee no. 16 Shri Sunil Naik AAHPN7603D Noticee no. 17 Shri Shailendra Jhallawar ACCPJ5105E Noticee no. 18 Shri Anita Pirgal AARPP4011H Noticee no. 19 Shri Manilal V Patel AABPP0422C Noticee no. 20 Shri Vithal S Patel AABPP0399Q
Order in the matter of Aakruti Nirmiti Limited Page 3 of 46 4.11, 4.14, 5.3.1, 5.4.1, 5.6.2, 8.8.1, 5.6A and 6.0 to 6.15 of DIP Guidelines, by all the Noticees
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/189/2021. 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.