sebi:WTM/MPB/EFD-1-DRA-IV/54/2019
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Facts / Headnote
QBRL directed to refund money collected through issuance of RPS with 15% per annum interest from eighth day of collection; interim order directions continued; directions against Shri Vishwa Bandhu Vashishta, Shri Arvind Tiwari, Shri Chhotelal Shukla and Shri Deena Nath Maurya (who alleged forgery) shall not take effect pending determination; SEBI to re-investigate and determine liability of officers in default; appropriate action to be initiated against QBRL and its directors.
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. 56(4)
- s. 73(3)
Regulations
- Reg. 107
- Reg. 111
- Reg. 111(1)
- Reg. 111(2)
Parties
- M/s Q & B Retail Limited (Earlier Known as M/s Basil Express Limited)
- Shri Rajesh Kumar Sharma
- Shri Kishan Pal Singh
- Shri Chhotelal Shukla
- Shri Vishwa Bandhu Vashishta
- Shri Deena Nath Maurya
- Shri Mukesh Kumar Khare
- Shri Arvind Tiwari
- Shri Pashupati Nath Dixit
- Shri Ramendra Prasad Sharma
Holding
QBRL's offer of Redeemable Preference Shares to 7,545 investors raising Rs. 10.12 Crores was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and QBRL and its directors violated Sections 56(1), 56(3), 60, 73(1), 73(2) and 73(3) of that Act; QBRL is directed to refund the money with 15% interest, while directors who alleged forgery (Vashishta, Tiwari, Shukla, Maurya) have directions against them held in abeyance pending determination of their claims.
Full text
Order in the matter of M/s Q & B Retail Limited (Earlier Known as “M/s Basil Express Limited”) Page 2 of 40 Bazar Road, Near Sidh Baba Mandir, Peera Garhi, New Delhi – 110087.
Order in the matter of M/s Q & B Retail Limited (Earlier Known as “M/s Basil Express Limited”) Page 3 of 40 5. Prima facie findings/allegations: In the said interim order, the following prima facie
Order in the matter of M/s Q & B Retail Limited (Earlier Known as “M/s Basil Express Limited”) Page 4 of 40 come to ‘nil’.
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/54/2019. 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.