sebi:WTM/PS/164/ERO/FEB/2016
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Facts / Headnote
Directions issued: refund of money collected through RPS with 15% p.a. interest compounded half-yearly, market access restrictions, asset inventory, public notice, and referral to authorities for further action.
Provisions invoked
- s. 19
- s. 27
- 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)
- s. 55A
Parties
- Golden Heaven Agro Project India Limited
- Pradip Kumar Bera
- Gouranga Sundar Chakraborty
- Kalidas Datta
- Anukul Patra
- Ashok Kumar Yadav
- Avijit Chakraborty
- Mrinal Kanti Paul
- Minu Chakrabarti
Holding
Golden Heaven Agro Project India Limited (GHAPIL) made a public issue of Redeemable Preference Shares by offering to 53 investors (more than 49 persons), thereby violating Sections 56, 60, 67 and 73 of the Companies Act, 1956, and the Company along with its directors is jointly and severally liable to refund the money collected with interest.
Full text
Page 2 of 16 Shares (hereinafter referred to as ‘RPS’) and had allegedly violated the provisions of Sections 56, 60 (read with Section 2(36)), 67, 73 of the Companies Act, 1956. In order to protect the interest of investors and to ensure that only legitimate fund raising activities are carried on by the Company, SEBI had issued the following directions: “… …
Page 3 of 16 22. This interim order cum show cause notice is without prejudice to the right of SEBI to take any other action that may be initiated against GHAPIL and its abovementioned Directors in accordance with law.”
Page 4 of 16 4. Mr. Kalidas Dutta vide his letter dated April 07, 2015, replied as under to the interim order: a. He was never associated with the Company directly or indirectly, therefore, he is in complete dark about the operations and activities of it. He has been fraudulently shown as a director of the Company w.e.f. February 10, 2015 and his appointment was an act of forgery. b. He has intimated the same to the Registrar of Companies, Kolkata, along with all the documentary evidences.
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Source: SecMarx — sebi:WTM/PS/164/ERO/FEB/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.