sebi:WTM/MPB/EFD-DRA4/8/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: joint and several refund of monies with 15% interest, market access restrictions for 4 years post-refund, director association restrictions for 4 years post-refund, asset inventory, escrow account, and public notice requirements.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- 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. 73(3)
- s. 56(4)
Regulations
- Reg. 107
Parties
- Digstar Projects Limited
- Shri Laltu Piyada
- Shri MD Nasibul Haque
- Shri Gautam Naskar
Holding
DPL's offer of Redeemable Preference Shares to 10,408 persons constituted a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and DPL 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. The Noticees are jointly and severally directed to refund all monies collected with interest at 15% per annum, and are restrained from accessing the securities market.
Full text
_____________________________________________________________________________ Order in the matter of Digstar Projects Limited Page 2 of 12
_____________________________________________________________________________ Order in the matter of Digstar Projects Limited Page 3 of 12
_____________________________________________________________________________ Order in the matter of Digstar Projects Limited Page 4 of 12
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Source: SecMarx — sebi:WTM/MPB/EFD-DRA4/8/2017. 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.