sebi:WTM/PS/08/ERO-BLO/APR/2016
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Facts / Headnote
Directions issued requiring refund of money collected through RPS with 15% interest compounded half-yearly, prohibition on accessing capital market, market access ban for directors, and referral for further action
Provisions invoked
- s. 19
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 56
- s. 73(2)
- s. 291
- s. 67(1)
- s. 67(2)
- s. 67
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 73(3)
Regulations
- Reg. 111
- Reg. 111(1)
- Reg. 111(2)
Parties
- SLB Invest (India) Limited
- Mr. Bairi Ganjan Dash
- Mr. Saubhagya Kumar Mohapatra
- Mr. Basudev Mohanty
- Mr. Aurobindo Maiti
- Ms. Baisalini Das
- Ms. Rosalin Mohanty
- Ms. Swati Satpathy
Holding
The Company's issuance of Redeemable Preference Shares to 1,436 allottees constituted a public issue under Section 67(3) of the Companies Act, 1956, and the Company failed to comply with Sections 56, 60, and 73 of the Companies Act and DIP Guidelines. The Company and its directors are jointly and severally liable to refund all money collected with 15% interest compounded half-yearly.
Full text
Page 2 of 16 Guidelines') read with the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (hereinafter referred to as 'ICDR Regulations'). In order to protect the interest of investors and to ensure that only legitimate fund raising activities are carried on by the Company and its directors, SEBI had issued the following directions: “… …
Page 3 of 16 2. The interim order observed that the prima facie observations made therein were on the basis of the correspondences exchanged between SEBI and the Company alongwith the documents contained therein and the information/ documents obtained from the ‘MCA-21’ portal. The interim order advised the Company and its directors to file their replies within 21 days from the date of its receipt and also indicate whether they desire to avail an opportunity of personal hearing.
Page 4 of 16 afforded on September 24, 2015. The date of hearing was later postponed to November 23, 2015, due to certain administrative exigencies. On the date fixed, Mr. Siddhartha Roy, Advocate appeared for the Company and Mr. Bairi Ganjan Dash. As the advocate had appeared without a ‘vakalat’, he was granted 30 days’ time for submitting the same and the written submissions, if any.
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Source: SecMarx — sebi:WTM/PS/08/ERO-BLO/APR/2016. 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.