sebi:WTM/MPB/EFD-1-DRA-IV/46/2019
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Facts / Headnote
Violation found; ESBI, Biswajit Paul, Subrata Kumar Paul and Sarbaniprasad Bishwas directed to jointly and severally refund Rs. 1,86,73,000 with 15% p.a. interest and debarred for 4 years from completion of refund; Amitava Basu, Biswanath Roy, Jayanta Basu, Tapas Basu, Jeniya Basu and Saikat Sen restrained from securities market for 4 years.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 24
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 7
- Reg. 36
- Reg. 26(1)
- Reg. 4(2)
- Reg. 5(1)
- Reg. 47
- Reg. 6(1)
- Reg. 37
- Reg. 32
- Reg. 46
- Reg. 107
- Reg. 57
- Reg. 58(1)
- Reg. 49
- Reg. 63
Parties
- ESBI Infrastructure Company Ltd.
- Mr. Biswajit Paul
- Mr. Subrata Kumar Paul
- Mr. Sarbaniprasad Bishwas
- Mr. Amitava Basu
- Mr. Biswanath Roy
- Mr. Jayanta Basu
- Mr. Tapas Basu
- Mr. Jeniya Basu
- Mr. Saikat Sen
Holding
ESBI Infrastructure Company Ltd. made a deemed public issue by allotting equity shares to 70 persons for Rs. 1,86,73,000 in FY 2011-12 in violation of Sections 56, 60 and 73 of the Companies Act, 1956 and ICDR Regulations. ESBI and directors in office at issuance must refund with 15% interest and are restrained from the securities market, with lesser restraint for later-period directors.
Full text
Order in the matter of ESBI Infrastructure Company Ltd. Page 2 of 38 U45400WB2009PLC140162. Its registered office is at Ground Floor Premises No. 4/4B, Jadu Mitra Lane, Kolkata – 700004.
Order in the matter of ESBI Infrastructure Company Ltd. Page 3 of 38 7. The above Offer of equity shares and pursuant allotment was a deemed public issue of securities under the first proviso to section 67(3) of the Companies Act,
Order in the matter of ESBI Infrastructure Company Ltd. Page 4 of 38 e. ESBI Infrastructure Company Ltd. and its abovementioned promoters and directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of equity Shares, without prior permission from SEBI;
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/46/2019. 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.