sebi:WTM/PS/189/ERO/MAR/2016
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Facts / Headnote
Directions issued: refund of ₹46 lakh with 15% p.a. interest compounded half-yearly to investors jointly and severally by the Company and its directors; prohibition on accessing securities market; asset inventory; public notice; and referral to MCA/Police in case of non-compliance.
Provisions invoked
- s. 19
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 56
- s. 73(2)
- s. 465
- 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)
Parties
- Swarnabhumi Developers Limited (SDL)
- Mr. Biswanath Bhattacharya
- Mr. Sanjoy Kumar Layek
- Mr. Ranjit Kumar Sarkar
- Mr. Himangshu Kumar Guha
- Mr. Prakash Mandal
- Mr. Sudip Kr. Barua
Holding
The Company made a public issue of preference shares/RPS by allotting to 365 allottees (more than 49 persons), thereby violating Sections 56, 60, 67 and 73 of the Companies Act, 1956, and is liable to refund ₹46 lakh with 15% interest to investors, jointly and severally with its directors.
Full text
Page 2 of 16 of Sections 56, 60 (read with Section 2(36)), 67, 73 of the Companies Act, 1956 read with Section 465 of the Companies Act, 2013. In order to protect the interest of investors and to ensure that only legitimate fund raising activities are carried on by the Company and its directors, SEBI had issued the following directions: “… …
Page 3 of 16 information/ documents obtained from the ‘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 16 communicated vide the public notice in the newspapers namely ‘Ananda Bazar Patrika’ and ‘Times of India’ both dated September 03, 2015. The Company and its directors were advised that in case they fail to appear for the personal hearing before SEBI on the aforesaid date, then the matter would be proceeded ex-parte on the basis of the material available on record.
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Source: SecMarx — sebi:WTM/PS/189/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.