sebi:WTM/PS/17/ERO/MAY/2016
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Facts / Headnote
Held that RPS and NCD issues were deemed public issues in violation of Companies Act and ILDS Regulations; directed company and 15 directors jointly and severally to refund with 15% p.a. compounded half-yearly, restrained company, directors and debenture trustees from securities market with 4-year debarment post-refund, and barred unregistered debenture trustees from acting without registration.
Provisions invoked
- s. 11A
- s. 19
- s. 12(1)
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 117B
- 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)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 107
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Holding
The Company made deemed public issues of Redeemable Preference Shares to 1,223 persons and Non-Convertible Debentures raising about Rs.7.39 crore without complying with public-issue norms, and is jointly and severally with its past and present directors liable to refund with interest. The two debenture trusts acted as unregistered debenture trustees in violation of law and were restrained accordingly.
Full text
Page 2 of 23 Date of Hearing: November 23, 2015 Appearances: None appeared _______________________________________________________________________
Page 3 of 23 of equity shares or any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly till further directions; ii. AAPIL and its present Directors, viz. Shri Taimur Ali Gayen (PAN: AEBPG4001N; DIN: 02108358), Shri Yusuf Ali Gayen (PAN: AYNPG5900E; DIN: 05136738) and Shri Indrajit Roy (PAN: BHQPR8645J; DIN: 06754713) including its past Directors, viz. Shri Sachindra Nath Bhattacharya (DIN: 00559781), Shri Hasem Mirza (PAN: BAGPM1763F; DIN: 02763820), Smt. Ashmin Khatun (PAN: BKBPK8720K; DIN: 02762776), Shri Mirza Dinar (DIN: 02761080), Smt. Nandini Chatterjee (PAN: ACEPC4432C; DIN: 02985377), Shri Debashish Dasgupta (PAN: APDPD8203N; DIN: 03544876), Shri Kamal Kishore Lodha (PAN: AAYPL5577B; DIN: 05106473), Shri Debabrata Ghosh (PAN: AFWPG1415L; DIN: 05159545), Shri Pradip Das (PAN: ACZPD8269R; DIN: 05166308), Shri Tahidur Rahaman Gayen (PAN: BDOPG6790F; DIN: 05256592), Shri Saiful Alam (PAN: AVFPA7748F; DIN: 06773537) and Shri Mohammad Younus (PAN: AHJPM6572H; DIN: 06773530), 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. AAPIL 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 di
Page 4 of 23 11. This Order is without prejudice to the right of SEBI to take any other action that may be initiated against AAPIL and its abovementioned Directors; its Debenture Trustees, viz. Trustees of Secured Debentures Trust of ATM Agro Projects India Limited (represented by its Trustees, viz. Smt. Pratima Roy and Shri Ram Sunder Bhattacharya) and ATM Secure Debenture Trust (represented by its Trustees, viz. Shri Amit Samanta and Shri Jagadish Chandra Nag), in accordance with law.”
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Source: SecMarx — sebi:WTM/PS/17/ERO/MAY/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.