sebi:WTM/MPB/EFD-I-DRA-IV/39/2019
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Facts / Headnote
Interim order disposed of against Shri Soumen Manna; directions issued against Shri Nirupam Santra, Shri Rupam Santra, Shri Malay Mallick (joint and several refund with 15% interest, 4-year market ban) and Shri Dipudas Ghosh (4-year market ban).
Provisions invoked
- s. 19
- s. 62
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 81
- s. 56
- s. 73(2)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 27(2)
- s. 56(1)
- s. 56(3)
- s. 73(1)
- s. 67(2)
- s. 56(4)
Regulations
- Reg. 107
Parties
- Shri Nirupam Santra
- Shri Rupam Santra
- Shri Malay Mallick
- Shri Dipudas Ghosh
- Shri Soumen Manna
Holding
DIL's offer of 6,99,900 Redeemable Preference Shares to 468 allottees was a deemed public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and DIL and its directors at the time of issuance violated Sections 56, 60, 62 and 73 of the Companies Act. Shri Nirupam Santra, Shri Rupam Santra and Shri Malay Mallick were held jointly and severally liable to refund the money with 15% interest and were barred from the securities market for 4 years from completion of refunds; Shri Dipudas Ghosh was barred for 4 years; and the interim order against Shri Soumen Manna was disposed of.
Full text
Order in the matter of Dreamway Industries Ltd Page 2 of 29 of money invested by the complainant in the debenture issued by the company.
Order in the matter of Dreamway Industries Ltd Page 3 of 29 thereto). However, actual no. of allottees and amount mobilized could be more than the above indicated figures.
Order in the matter of Dreamway Industries Ltd Page 4 of 29 − That the Noticees shall jointly and severally refund the money collected through the offer and allotment of preference shares, with an interest of 15% per annum (the interest being calculated from the date when the repayments became due in terms of Section 73(2) of the Companies Act, 1956 till the date of actual payment), supported by a certificate of two independent Chartered Accountants to the satisfaction of SEBI (to be submitted to SEBI within 7 days of completion of the refund); and − That the Noticees shall be restrained / prohibited from accessing the securities market and buying, selling or otherwise dealing in securities in any manner whatsoever, directly or indirectly, for a period of four years from the date of effecting the refund as directed above. 10. DIL, its abovementioned Directors/ Promoters were given the opportunity to file their replies, if any, within 21 days from the date of receipt of the said interim order. The Noticees were directed to furnish an inventory of their assets in their reply. The
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Source: SecMarx — sebi:WTM/MPB/EFD-I-DRA-IV/39/2019. 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.