sebi:WTM/PS/178/ERO/MAR/2016
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Facts / Headnote
Directions issued requiring refund of money collected through issuance of Redeemable Preference Shares with 15% interest compounded half-yearly, along with market access restrictions and other compliance directions.
Provisions invoked
- 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. 73(3)
Regulations
- Reg. 111
- Reg. 111(1)
- Reg. 111(2)
Parties
- Sampriti Projects Limited
- Mr. Manas Biswas
- Mr. Md. Obay Dul Islam
- Mr. Shyamal Kumar Mitra
- Mr. Kaushik Dhar
- Ms. Sonali Islam
- Mr. Nazrul Islam Gazi
- Mr. Rajib Kumar Saha
- Mr. Sheikh Alamgir Kabir
Holding
Sampriti Projects Limited made a public issue of Redeemable Preference Shares by allotting to more than 49 persons, thereby triggering compliance obligations under the Companies Act, 1956 and SEBI regulations, and the Company along with its directors are jointly and severally liable to refund the money collected with interest at 15% per annum compounded half-yearly.
Full text
Page 2 of 17 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
Page 3 of 17 2. The interim order observed that the prima facie observations made therein were on the basis of the correspondences exchanged between SEBI and Sampriti and the information/ documents obtained from ‘MCA 21’ portal. The interim order advised the Company and its directors to file their replies within 21 days from the date of its receipt and also seek an opportunity of personal hearing.
Page 4 of 17 On the date fixed, no one had appeared either for the Company or for its directors. Considering the reasonable opportunities already afforded for making submissions in the matter, I am inclined to proceed further with the matter.
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Source: SecMarx — sebi:WTM/PS/178/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.