sebi:WTM/MPB/EFD-1-DRA-IV/97/2017
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Facts / Headnote
Directions issued against SIIPL, Shri Sajahan Midya and Shri Selim Mohammed SK for refund of money with 15% interest, market access restrictions for 4 years, and inventory/escrow requirements; directions against Shri Nasiruddin SK revoked.
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 Shine India Infra Project Limited
- Shri Sajahan Midya
- Shri Nasiruddin SK
- Shri Selim Mohammed SK
Holding
SIIPL's Offer of Redeemable Preference Shares to 86 or more investors was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and SIIPL and its directors Shri Sajahan Midya and Shri Selim Mohammed SK are jointly and severally liable to refund the amounts collected with interest at 15% per annum, and are restrained from accessing the securities market for four years from completion of refunds.
Full text
Order in the matter of M/s Shine India Infra Project Limited Page 2 of 18 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 Shine India Infra Project Limited Page 3 of 18 i. “SIIPL (PAN: AAPCS8543L) shall not mobilize any fresh funds from investors through the Offer of Redeemable Preference Shares or through the issuance of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions;
Order in the matter of M/s Shine India Infra Project Limited Page 4 of 18 SEBI letters dated March 16, 2015; March 30, 2015 and April 17, 2015), within 14 days from the date of receipt of this Order.”
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-IV/97/2017. 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.