sebi:WTM/MPB/EFD-1-DRA-IV/95/2020
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Facts / Headnote
Noticee held liable for violations of Sections 56(1), 56(3) and 60 of the Companies Act, 1956; directed to refund amounts collected during his tenure with 15% interest, subject to a 365-day condition regarding his forgery allegation, along with asset inventory, public notice, market access ban for 4 years post-refund.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 2(26)
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 73(2)
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 220
- s. 56(4)
Regulations
- Reg. 107
Parties
- Shri Shribas Chandra Das
Holding
The Noticee, Shri Shribas Chandra Das, is held liable as an officer in default for violations of Sections 56(1), 56(3) and 60 of the Companies Act, 1956 in connection with IIPL's Offer of Redeemable Preference Shares, and is jointly and severally liable to refund amounts collected during his tenure (at minimum Rs. 19.02 lakhs) with 15% interest, subject to a 365-day condition regarding his forgery allegation.
Full text
__________________________________________________________________________________________________________________ Order in the matter of Idol India Projects Limited Page 2 of 23
__________________________________________________________________________________________________________________ Order in the matter of Idol India Projects Limited Page 3 of 23
__________________________________________________________________________________________________________________ Order in the matter of Idol India Projects Limited Page 4 of 23
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/95/2020. 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.