sebi:WTM/MPB/EFD-1-DRA-IV/83/2017
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Facts / Headnote
Directions issued: RPIL and its directors jointly and severally to refund Rs. 4,52,45,000/- collected through RPS with 15% per annum interest; market access and association restrictions imposed for 4 years; inventory and escrow account directions; public notice and compliance report directions.
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 RTC Properties India Limited (RPIL)
- Shri Karunamay Roy
- Shri Saurav Singha Roy
- Shri Amit Kumar Roy
- Shri Swapan Kumar Dey
- Shri Rabishankar Basu
- Shri Satyajeet Kumar Singh
- Shri Jiban Mitra
- Smt Sarmistha Roy
- Shri Goutam Sarkar
- Shri Kanchan Dutta
- Shri Sreemon Ghosh
Holding
RPIL's offer of Redeemable Preference Shares to 1143 investors (raising Rs. 4,52,45,000/-) was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and RPIL and its directors violated Sections 56, 60, and 73 of that Act. RPIL and seven named directors are jointly and severally liable to refund the collected amount with 15% per annum interest, and are restrained from securities market access for 4 years.
Full text
Order in the matter of M/s RTC Properties India Limited Page 2 of 28 (hereinafter referred to as “SEBI Act”) and the Rules and Regulations framed thereunder.
Order in the matter of M/s RTC Properties India Limited Page 3 of 28 resultant requirement under section 60 read with section 2(36), section 56, sections 73(1), 73(2) and 73(3) read with section 27(2) of the SEBI Act were not complied with by RPIL in respect of the Offer of RPS.
Order in the matter of M/s RTC Properties India Limited Page 4 of 28 selling or otherwise dealing in the securities market, either directly or indirectly, till further directions;
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/83/2017. 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.