sebi:WTM/MPB/EFD-1-DRA-IV/63/2017
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Facts / Headnote
Directions issued: refund of Rs. 19,96,600/- with 15% interest, market access ban for 4 years from completion of refunds, inventory of assets, escrow account for refunds, public notice for refunds, and report of completion to SEBI.
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. 27(2)
- s. 56(1)
- s. 56(3)
- s. 67(2)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 107
Parties
- M/s Fantasy Infraventure & Agrimart India Limited
- Shri Ranjeet Kumar
- Shri Ram Kailash
- Shri Rajoo
Holding
The Offer of RPS by FIAIL to 127 investors was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and FIAIL and its directors violated Sections 56(1), 56(3), 60, 73(1), 73(2) and 73(3) of the Companies Act, 1956, and are jointly and severally liable to refund Rs. 19,96,600/- with 15% interest per annum.
Full text
Order in the matter of M/s Fantasy Infraventure & Agrimart India Limited Page 2 of 20 mobilized has been collated from the documents submitted by the company to the RoC.
Order in the matter of M/s Fantasy Infraventure & Agrimart India Limited Page 3 of 20 ii. FIAIL and its Directors, viz. Shri Ranjeet Kumar (DIN:03638923, PAN:BDMPK7608E), Shri Ram Kailash (DIN:03638921, PAN:AVNPK2820L) and Shri Rajoo (DIN:03638915) 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; iii. FIAIL, its abovementioned Directors are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further
Order in the matter of M/s Fantasy Infraventure & Agrimart India Limited Page 4 of 20 iii. Directing them to refrain from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities for an appropriate period.”
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/63/2017. 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.