sebi:WTM/PS/174/ERO/IMD/MAR/2016
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Facts / Headnote
Directions issued: joint and several refund of Rs.3.83 crore with 15% p.a. interest compounded half-yearly, prohibition on accessing securities market for 4 years post-refunds, ban on issuing offer documents, asset inventory, public notice, and referral to MCA/State Government/Police.
Provisions invoked
- s. 11A
- s. 19
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 73(3)
- s. 56(4)
Regulations
- Reg. 107
- Reg. 111
- Reg. 111(2)
Parties
- I-Nova Solutions Limited
- Mr. Rajib Mukherjee
- Mr. Jayanta Chakrabarty
- Mr. Tushar Kanti Chakraborty
- Mr. Tapan Pal
Holding
The Company made a deemed public issue of Redeemable Preference Shares to more than 49 persons during FY 2007-08 to 2009-10 without complying with sections 56, 60 and 73 of the Companies Act, 1956 and the DIP Guidelines, and the Company along with its directors (including the resigned director) are jointly and severally liable to refund Rs.3.83 crore with 15% p.a. interest.
Full text
Page 2 of 16 2. In order to protect the investors who have subscribed to the impugned offer and issue of RPS and to ensure that the Company and its directors are restrained from carrying on with their fund mobilizing activity, SEBI had issued the following directions: 7. “In view of the foregoing, I, in exercise of the powers conferred upon me under Sections 11, 11(4), 11A and 11B of the SEBI Act and Clause 17 of the DIP Guidelines read with Regulation 111 of the ICDR Regulations, hereby issue the following directions –
Page 3 of 16 3. The interim order has also mentioned that the Hon'ble Calcutta High Court vide Order dated August 18, 2014 in Writ Petition No. 22502 (W) of 2014 (Shantanu Ghosh vs. Union of India), had directed as follows "Let no step be taken by the Company or its Directors to alienate and/or transfer, diversify the asset of the companies mentioned in paragraph 1of the petition”.
Page 4 of 16 7. On September 04, 2015, Noticee, Mr. Rajib Mukherjee appeared along with his advocates Mr. Susanta Dutta and Mr. Hindol Nandi. The Advocates requested time for filing Written
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Source: SecMarx — sebi:WTM/PS/174/ERO/IMD/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.