sebi:WTM/PS/11/ERO-GLO/APR/2016
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Facts / Headnote
Directions issued requiring refund with 15% interest; market access restrictions imposed on the Company and 13 directors; interim directions against 5 former directors revoked and proceedings disposed of.
Provisions invoked
- s. 19
- s. 81
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 56
- s. 73(2)
- 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(1)
- Reg. 111(2)
Parties
- Phenix Properties Limited
- Mr. Ashim Das
- Mr. Nirmalya Mukherjee
- Mr. Abu Naseer Jamir Ahmed
- Mr. Prithiish Das
- Mr. Somnath Gupta
- Mr. Samir Saha
- Mr. Saurabh Chakraborty
- Mr. Moloy Dey
- Mr. Kamdev Bhattacharjee
- Mr. Shekhar Saha
- Mr. Badrul Islam
- Mr. Debjyoti Das
- Mr. Amar Kumar Das
Holding
The Company made a public issue of Redeemable Preference Shares by allotting to more than 49 persons, thereby violating Sections 56, 60, 67 and 73 of the Companies Act, 1956 and the DIP Guidelines, and the Company along with 13 directors are jointly and severally liable to refund the money with 15% interest. Directions against five former directors who resigned before the first allotment were revoked.
Full text
Page 2 of 22 Mr. Badrul Islam,Mr. Abu Naseer Jamir Ahmed,Mr. Amar Kumar Das,Mr. Moloy Dey and Mr. Debjyoti Das appeared through their authorized representative Mr. K.H. Khandaker, Advocate.
Page 3 of 22 AATPI5977M; DIN: 2264925), are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; iii. The past Directors of PPL, viz. Shri Debjyoti Das (DIN: 1132239), Shri Amar Kumar Das (PAN: AJTPD9357P; DIN: 1132219), Shri Utpal Bandopadhyay (DIN: 1899027), Shri Trailukya Bora (DIN: 1899058), Shri Gopal Deka (PAN: AFUPD9977N; DIN: 1899011), Shri Pulak Hazarika (DIN: 1899072) and Smt. Jyoti Prasad Saikia (DIN: 1899043), are prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; iv. PPL and its abovementioned past and present Directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further
Page 4 of 22 3. The interim order was forwarded to the Company and its directors namelyMr. Ashim Das, Mr. Nirmalya Mukherjee, Mr. Abu Naseer Jamir Ahmed, Mr. Prithiish Das, Mr. Somnath Gupta, Mr. Samir Saha, Mr. Saurabh Chakraborty, Mr. Moloy Dey, Mr. Kamdev Bhattacharjee, Mr. Shekhar Saha, Mr. Badrul Islam, Mr. Debjyoti Das, Mr. Amar Kumar Das, Mr. Utpal Bandopadhyay, Mr. Trailukya Bora, Mr. Gopal Deka, Mr. Pulak Hazarika and Ms. Jyoti Prasad Saikiavide letters dated April 24, 2015. The letters could be delivered only to Mr. Badrul Islam, Mr. Nirmalya Mukherjee, Mr. Prithiish Das, Mr. Shekhar Saha and Mr. Amar Kumar Das. The letters sent to the remaining directorshad returned undelivered.Before proceeding further, SEBI intimated the passing of the interim order vide the public notice in the newspapers namely ‘Assam Tribune’ and ‘Asomiya Pratidin’ on September 07, 2015.
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Source: SecMarx — sebi:WTM/PS/11/ERO-GLO/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.