sebi:WTM/PS/171/IMD-ERO/MAR/2016
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Facts / Headnote
Directions issued: refund of money with 15% p.a. interest, market access ban for 4 years from completion of refunds, asset inventory, public notice, and referral to MCA/State Government for further action.
Provisions invoked
- s. 11A
- s. 19
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 29
- s. 291
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 56(1)
- s. 56(3)
- s. 73(3)
- s. 56(4)
Regulations
- Reg. 107
Parties
- Angela Agrotech Limited
- Atikulla Hossain
- Bablu Mia
- Rajiv Ranjan Singh
- Birju Kumar Sharma
- Samir Keshari
- Mohammed Rafique Khan
- Mohammed Sajjad Akhtar
Holding
Angela Agrotech Limited made a public issue of Redeemable Preference Shares during FY 2012-13 and 2013-14 in contravention of sections 56, 60 and 73 of the Companies Act, 1956, and both the Company and its past and present directors are jointly and severally liable to refund the money collected 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 21 i. AAL (PAN: AAJCA6822C) shall forthwith cease to mobilize funds from investors through the Offer of Redeemable Preference Shares or through the issuance 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. AAL and its present Directors, viz. Shri Atikulla Hossain (PAN: ADYPH1080N; DIN: 03583076), Shri Bablu Mia (PAN: BYKPM1104Q; DIN: 06519493) and Shri Rajiv Ranjan Singh (PAN: ATRPS8363A; DIN: 06528168), 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 AAL, viz. Shri Birju Kumar Sharma (PAN: BDJPS3387K; DIN: 05168775), Shri Samir Keshari (PAN: BVLPK1203Q; DIN: 03583075), Shri Mohammed Rafique Khan (PAN: AJDPK8465D; DIN: 05168776) and Shri Mohammed Sajjad Akhtar (PAN: AYGPA0956M; DIN: 03633258), 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. AAL 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,
Page 3 of 21 i. Directing them jointly and severally to refund money collected through the Offer of Redeemable Preference Shares along with interest, if any, promised to investors therein;
Page 4 of 21 confirmed his ‘RM’ post for the district of South Dinajpur and North Dinajpur. Thereafter, the Company, on January 01, 2012 appointed him as Regional Manager in North Bengal by issuing an appointment letter. (b) During his tenure as RM, the board of directors of the Company comprised of Mr. Samir Keshri (Chairman/Whole Time Director), Mohammad Sajjad Aktar (Managing Director), Atikulla Hossain (Director), Birju Kumar Sharma (Additional Director), Mohammad Rafique Khan (Additional Director) and Rajib Ranjan Singh (Additional Director). (c) He sent his resignation letter dated March 10, 2013 to the Chairman and the same was accepted on that date. During his tenure as agent or RM, he never handled the company’s monies or appropriated public money. Whenever he received commission as an agent from the Company, he had distributed the same to the sub-agents. (d) Surprisingly, he came to know from the Company that on February 05, 2014 he was appointed as a director. He was also appointed as director in Angela Finvest Mutual Benefit Limited, Angela Holiday Inn Limited and Angela Educon Limited. However, Mr. Keshri (Chairman) had assured him that these were because of a printing mistake. (e) Till today, the Company has not expunged his name from the board of directors though he already resigned on March 10, 2013.
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Source: SecMarx — sebi:WTM/PS/171/IMD-ERO/MAR/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.