sebi:WTM/MPB/EFD-DRA4/43/2017
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Facts / Headnote
Directions issued: refund of money with 15% interest, market access ban for 4 years from completion of refunds, ban on association with public companies, inventory of assets, public notice, and referral to MCA/stock exchanges.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 73(3)
- s. 67(2)
- s. 56(4)
Regulations
- Reg. 107
Parties
- Arcava Enterprises Limited
- Shri Aloke Banerjee
- Shri Subir Banerjee
- Shri Naba Kumar Ganguly
Holding
AEL's offer of Redeemable Preference Shares to 344 persons was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and AEL and its directors violated Sections 56(1), 56(3), 60 read with 2(36), 73(1), 73(2) and 73(3) of the Companies Act, 1956. AEL and its three directors are jointly and severally liable to refund the money collected with interest at 15% per annum.
Full text
_____________________________________________________________________________ Order in the matter of Arcava Enterprises Limited Page 2 of 12
_____________________________________________________________________________ Order in the matter of Arcava Enterprises Limited Page 3 of 12
_____________________________________________________________________________ Order in the matter of Arcava Enterprises Limited Page 4 of 12
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Source: SecMarx — sebi:WTM/MPB/EFD-DRA4/43/2017. 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.