sebi:WTM/MPB/EFD-1-DRA-IV/38/2019
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Facts / Headnote
BIIL and its directors found liable for violations of the Companies Act, 1956 and ILDS Regulations; directed to refund monies with interest, restrained from securities market for 4 years, and appropriate action to be initiated against BIIL, its directors and debenture trustee.
Provisions invoked
- s. 19
- s. 12(1)
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 117C
- s. 56(3)
- s. 67(2)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 2(e)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 107
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Bhabiswajyoti Infrastructure India Limited
- Mr. Pradipta Chakraborty
- Mr. Srikumar Chakraborty
- Mr. Gopal Sharma
- Mr. Prashant Sharma
- Ms. Soma Sharma
- Mr. Arindam Mukherjee
- Mr. Mahindra Nath Chowdhury
- Mr. Mahesh Shaw
- Bhabiswajyoti Debenture Trust (represented by its trustee, Mr. Sanjoy Chaudhuri)
Holding
BIIL's offer of NCDs to 53 or more investors constituted a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and BIIL and its directors violated Sections 56, 60, 73, 117C of the Companies Act and the ILDS Regulations. The appointment of Bhabiswajyoti Debenture Trust as debenture trustee violated Section 117B of the Companies Act, 1956 and Section 12(1) of the SEBI Act.
Full text
Order in the matter of Bhabiswajyoti Infrastructure India Limited Page 2 of 31 1. Bhabiswajyoti Infrastructure India Limited (hereinafter referred to as “BIIL”/ “the Company”) is a Public company incorporated on May 01, 2012 and registered with Registrar of Companies–Gwalior with CIN: U45200MP2012PLC028320. Its registered office is at Bardadeeh Chowk, Mukhtiyar Gang, Rama Krishna Aasram, Satna, Madhya Pradesh, India - 485001.
Order in the matter of Bhabiswajyoti Infrastructure India Limited Page 3 of 31 Sharma, Ms. Soma Sharma, Mr. Arindam Mukherjee, Mr. Mahindra Nath Chowdhury, Mr. Mahesh Shaw and its Debenture Trustee Bhabiswajyoti Debenture Trust (represented by its trustees, viz. Mr. Sanjoy Chaudhuri). (hereinafter collectively referred to as “Noticees”).
Order in the matter of Bhabiswajyoti Infrastructure India Limited Page 4 of 31 India (Debenture Trustees) Regulations, 1993 (hereinafter referred to as " Debenture Trustees Regulations ").
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/38/2019. 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.