sebi:WTM/MPB/EFD-1-DRA-IV/43/2018
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Facts / Headnote
Directions confirmed against SSL and its Directors/Promoters for violations of Companies Act, 1956 and SEBI Act; directions in paragraphs 106 and 107 (excluding 106(c, d, j and k)) made subject to the order passed by ACJM (Special), Cuttack, Odisha and ad-interim attachment proceedings.
Provisions invoked
- s. 20
- s. 11
- s. 19
- s. 370
- s. 81
- s. 55A
- s. 80
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 106
- s. 32
- s. 56
- s. 212
- s. 2(1)
- s. 73(2)
- s. 2(46)
- s. 24
Regulations
- Reg. 107
- Reg. 111
- Reg. 111(1)
- Reg. 111(2)
Parties
- M/s Seashore Securities Ltd.
- Mr. Prashanta Kumar Dash
- Mr. Pravat Kumar Dash
- Ms. Jyotirani Sarangi
- Mr. Sudhanshu Shekhar Pati
- Ms. Sapna Jena
- Mr. Gopal Chandra Sahu
- Mr. Surath Das
- Ms. Shantiprava Dash
- Mr. Manoj Kumar Nath
- Ms. Prativa Dash
Holding
SSL's offer of cumulative redeemable preference shares to 50 or more persons constituted a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and SSL and its Directors/Promoters are liable for violating Sections 56(1), 56(3), 60, 73(1), 73(2), 73(3) of the Companies Act, 1956 and applicable DIP Guidelines/ICDR Regulations.
Full text
Order in the matter of M/s Seashore Securities Ltd. Page 2 of 62 Companies–Odisha with CIN: U67120OR2008PLC009969. Its registered office is at 298/A, Saheed Nagar, Bhubaneswar –751007, Odisha, India.
Order in the matter of M/s Seashore Securities Ltd. Page 3 of 62 5. Prima facie findings/allegations: In the said interim order, the following prima facie
Order in the matter of M/s Seashore Securities Ltd. Page 4 of 62 Pravat Kumar Dash [PAN: AEKTD7710E], Ms. Jyotirani Sarangi [DIN: 01321926], Mr. Surath Das, Ms. Shantiprava Dash, Mr. Manoj Kumar Nath, Ms. Prativa Dash, Mr. Sudhanshu Shekhar Pati, Ms. Sapna Jena [DIN: 03419332] and Mr. Gopal Chandra Sahu [DIN: 05240823] are restrained from mobilizing funds through the issue of redeemable preference shares or through the issuance of equity shares or any other securities, to the public and/ or invite subscription, in any manner whatsoever, either directly or indirectly till further directions. − Seashore Securities Limited and its promoters and directors including Mr. Prashanta Kumar Dash, Mr. Pravat Kumar Dash, Ms. Jyotirani Sarangi, Mr. Surath Das, Ms. Shantiprava Dash, Mr. Manoj Kumar Nath, Ms. Prativa Dash, Mr. Sudhanshu Shekhar Pati, Ms. Sapna Jena and Mr. Gopal Chandra Sahu 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. − Seashore Securities Limited and its promoters and directors including Mr. Prashanta Kumar Dash, Mr. Pravat Kumar Dash, Ms. Jyotirani Sarangi, Mr. Surath Das, Ms. Shantiprava Dash, Mr. Manoj Kumar Nath, Ms. Prativa Dash, Mr. Sudhanshu Shekhar Pati, Ms. Sapna Jena and Mr. Gopal Chandra Sahu shall not dispose any of the properties of the said company or alienate the assets acquire
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/43/2018. 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.