sebi:WTM/MPB/EFD-1-DRA-IV/193/2021
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Facts / Headnote
Mr. Sukrit Sood, Ms. Ashima Sood and Mr. Balvir Singh held as officers in default and directed jointly and severally with the Company and other directors to refund money collected during their respective tenure through RPS issue with 15% p.a. interest from eighth day of collection, and restrained from securities market and association with listed/public fundraising companies for 4 years from completion of refunds; no direction against deceased Mr. Sunil Kanti Kar, SEBI to examine proceeding against legal representatives; implementation subject to Calcutta High Court / Justice S.P. Talukdar Committee orders.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 45I
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 56(1)
- s. 56(3)
- s. 67(2)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 107
Parties
- Mr. Balvir Singh
- Mr. Sukrit Sood
- Ms. Ashima Sood
- Mr. Sunil Kanti Kar
Holding
The Company's offer and allotment of 44,46,72,800 RPS to 4,26,676 allottees for Rs.444.67 crores during FY 2005-2006 to 2008-2009 was a deemed public issue in violation of Sections 56, 60 and 73 of the Companies Act, 1956, and Mr. Sukrit Sood, Ms. Ashima Sood and Mr. Balvir Singh as directors/officers in default during the issue are jointly and severally liable to refund amounts collected during their tenure with 15% interest.
Full text
Order in the matter of Alchemist Holdings Limited Page 1 of 24 WTM/MPB/EFD-1-DRA-IV/ 193 /2021 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Alchemist Holdings Limited Page 2 of 24 Mr. Vikramaditya Singh and Mr. Chandra Shekhar Chauhan. 2. Subsequently, SEBI passed a Final Order bearing no. WTM/PS/38/NRO/AUG/2015 dated August 14, 2015 (hereinafter referred to as "Final Order") against Alchemist Holdings Limited and the Directors, viz. Mr. Brij Mohan Mahajan [DIN: 00031819], Mr. Vikramaditya Singh [DIN: 01865565] and Mr. Chandra Shekhar Chauhan [DIN: 02517955], for the non-compliances with the public issue norms stipulated under the provisions of the Companies Act, 1956, including Sections 56, 60 and 73 thereof, by the company, Alchemist Holdings Limited in respect of offer of RPS.
Order in the matter of Alchemist Holdings Limited Page 3 of 24 retired, housewife, others, etc. SEBI had taken a prima facie view in the
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/193/2021. 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.