sebi:WTM/MPB/EFD-1-DRA-IV/77/2017
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Facts / Headnote
Directions issued: refund of money with 15% interest, market access ban for 4 years, asset inventory, and other restrictions against the Noticees.
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. 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
- Smt Runa Mazumder
- Smt Nabanita Sikder
- Smt Runa Sikder
Holding
The Offer of NCDs by MAPL to at least 4820 investors was a 'public issue' under the first proviso to Section 67(3) of the Companies Act, 1956, and the Noticees (past directors) are liable for violations of Sections 56, 60, and 73 of the Companies Act and the ILDS Regulations, and are directed to refund monies with 15% interest and barred from the securities market for 4 years.
Full text
Order in the matter of M/s Mangalam Agro Products Limited Page 2 of 18 least Rs. 11.00 Crores from at least 4820 allottees. The number of allottees and funds mobilized has been collated from the documents submitted with the complaints received by SEBI. Therefore, it was concluded that the actual number of allottees and amount mobilized could be more than the above indicated figures.
Order in the matter of M/s Mangalam Agro Products Limited Page 3 of 18 Year of Issue Security Issued Amount raised (Rs.) (in crores) Number of allottees 2011-2012 NCDs 11.00
Order in the matter of M/s Mangalam Agro Products Limited Page 4 of 18 10. The interim order also directed the Noticees to show cause as to why suitable
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/77/2017. 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.