sebi:WTM/PS/190/CFD/ERO/MAR/2016
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Facts / Headnote
Interim order restraining Rising Agrotech Limited and its directors from mobilizing funds through equity share issues, prohibiting them from accessing the securities market, directing them not to issue prospectus or offer documents, and issuing a show cause notice as to why further directions under the SEBI Act and Companies Act should not be imposed.
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 27
- s. 55A
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 56(4)
- s. 73(3)
Regulations
- Reg. 7
- Reg. 36
- Reg. 25
- Reg. 47
- Reg. 46
- Reg. 107
- Reg. 57
- Reg. 6
- Reg. 59
- Reg. 4(2)(d)
- Reg. 5
Parties
- Rising Agrotech Limited
- Mr. Santosh Kumar Dwivedi
- Mr. Dipan Kumar Sen
- Mr. Binay Kumar Shaw
- Mr. Siddhartha Kayal
- Smt. Lina Kayal
- Mr. Awadhesh Kumar Singh
- Mr. Amaresh Pandey
- Mr. Bikash Bhandary
- Mr. Sushovan Roy
Holding
The company was prima facie engaged in fund mobilizing activity from the public through the offer and issuance of equity shares to more than 49 persons, thereby making it a public issue that required compliance with the Companies Act, 1956 and the ICDR Regulations, which it had contravened. The company and its directors were restrained from mobilizing funds, accessing the securities market, and issuing offer documents, and were directed to show cause why further directions should not be imposed.
Full text
Page 2 of 14 a. Copy of Prospectus/Red Herring Prospectus/Statement in lieu of Prospectus/Information Memorandum filed with Registrar of Companies (“RoC”) for issuance of equity shares. b. Date of opening and closing of the subscription list; c. Details regarding the number of application forms circulated inviting subscription; d. Details regarding the number of applications received; e. Details regarding the number of allottees and list of such allottees; f. Number of equity shares allotted and value of such allotment against each allottee's name. g. Details regarding subscription amount raised; h. Date of allotment of equity shares; i. Copies of the minutes of Board/Committee meeting in which the resolution was passed for allotment; j. Date of dispatch of equity shares certificates, etc.; k. Details of the total number of applicants for each of RAL's scheme besides the list of final allottee; l. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of equity shares. m. Terms and conditions of the issue of equity shares.
Page 3 of 14 (a) RAL was incorporated on July 13, 2010, with the RoC, Kolkata. The CIN of the company is U01403WB2010PLC151266. The Registered Office of RAL is situated at 35/1 Kali Temple Road, 3rd Floor, Kolkata - 700026, West Bengal.
Page 4 of 14 31.03.2011 173100 250 30.04.2011 142200 297 30.06.2011 190680 311 23.09.2011 84900 135 31.10.2011 54870 59 05.12.2011 135000 128
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Source: SecMarx — sebi:WTM/PS/190/CFD/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.