sebi:WTM/MPB/EFD-1-DRA-IV/87/2017
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Facts / Headnote
FIPL and its four directors held to have made a deemed public issue and directed jointly and severally to refund Rs.24.61 lakh collected via RPS with 15% p.a. interest from the eighth day of collection, with asset inventory, escrow, public notice, CA-certified compliance, and restraint from accessing/dealing in securities market for 4 years from completion of refunds.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 67(1)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 67(2)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 107
Parties
- Falcon Infra Projects Limited (FIPL)
- Shri Abdul Alim
- Smt. Tanjuara Begum
- Smt. Sonia Parvin Alim
- Shri Babar Ali
Holding
FIPL's 2009-2010 offer and allotment of Redeemable Preference Shares to 349 allottees raising Rs.24.61 lakh was a deemed public issue that violated Sections 56(1), 56(3), 2(36) read with 60, and 73(1), 73(2), 73(3) of the Companies Act, 1956; FIPL and directors Shri Abdul Alim, Smt. Tanjuara Begum, Smt. Sonia Parvin Alim and Shri Babar Ali are jointly and severally liable to refund with 15% p.a. interest and are restrained from the securities market.
Full text
Order in the matter of Falcon Infra Projects Limited Page 2 of 20 amount of Rs.24.61 Lakh from 349 allottees. 4. As the above said Offer of RPS was found prima facie in violation of respective provisions of the SEBI Act, 1992 and the Companies Act, 1956. SEBI passed an interim
Order in the matter of Falcon Infra Projects Limited Page 3 of 20 Tanjuara Begum (DIN: 01837137), Smt Sonia Parvin Alim (DIN: 02406140) and Shri Babar Ali (DIN: 02283711), are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in anymanner whatsoever, either directly or indirectly, till further orders; iii. FIPL and its abovementioned past and present 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 Falcon Infra Projects Limited Page 4 of 20 advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, for an appropriate period; 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; iv. Directing them and other companies in which these persons/Directors hold substantial or controlling interest, to not access the capital market for an appropriate period.”
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/87/2017. 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.