sebi:WTM/PS/122/IMD-ERO/DEC/2015
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Facts / Headnote
Directions issued: refund of Rs. 5.97 crore with 15% p.a. interest compounded half-yearly, public notice, asset inventory, escrow account, market access ban for 4 years from completion of refunds, and referral to MCA/State Government in case of non-compliance.
Provisions invoked
- s. 11A
- s. 19
- 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. 56(4)
Regulations
- Reg. 107
Parties
- Multi Purpose Bios India Limited (MBIL)
- Laxmi Kanta Das
- Monalisa Mitra
- Mridul Kanti Bhaumik
Holding
Multi Purpose Bios India Limited made a public issue of Redeemable Preference Shares by allotting to more than 49 persons, and failed to comply with sections 56, 60 and 73 of the Companies Act, 1956; the Company and its three directors are jointly and severally liable to refund Rs. 5.97 crore with 15% p.a. interest and are restrained from accessing the securities market for 4 years from completion of refunds.
Full text
Page 2 of 13 MonalisaMitra and Mr. Mridul Kanti Bhaumik, from continuing to mobilize public funds in contravention of law, SEBI issued the following directions:
Page 3 of 13 2. The interim order was served on Mr. Laxmi Kanta Das, Smt. MonalisaMitraand Mr.Mridul Kanti Bhaumik. However, the interim order sent to the Company returned undelivered. Therefore, SEBI made a public noticein the newspapers (Times of Indiaand Ananda Bazar Patrika dated April 15, 2015) regarding the proceedings against the Company and its directors initiated vide the interim order and the personal hearing afforded to the noticees on April 22, 2015 in Kolkata. The noticees were advised that in case they fail to appear before SEBI on the aforesaid date, then the matter would be proceeded ex-parte on the basis of material on record. SEBI also sent notices informing the schedule of personal hearing.
Page 4 of 13 (c) The Company made a public issue under the first proviso to section 67(3) of the Companies Act, 1956. The Company is not stated to be non-banking financial company or a public financial institution.
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Source: SecMarx — sebi:WTM/PS/122/IMD-ERO/DEC/2015. 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.