sebi:WTM/PS/46/WRO/JUN/2016
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Facts / Headnote
Held NCD offer was a deemed public issue in violation of law; directed Company and seven directors jointly and severally to refund with 15% p.a. interest compounded half-yearly, file inventory and public notice and peer-reviewed CA certificate, restrained them from securities market and associating with listed/public companies for 4 years from completion of refunds, with recovery/references on default; discharged Suresh Kumar giving benefit of doubt.
Provisions invoked
- s. 11A
- s. 19
- s. 27
- s. 55A
- s. 28A
- s. 67(3)
- s. 73(2)
- s. 29
- s. 291
- s. 74
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 117C
- s. 56(3)
- s. 42
- s. 73
- s. 56(4)
- s. 74(1)
Regulations
- Reg. 7
- Reg. 6
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 28
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 107
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Neesa Technologies Limited
- Arvind Gupta
- Yogesh Ghisumal Gemawat
- Girishchandra Mukundram Baluni
- Nimain Charan Biswal
- Sanjay Gupta
- Kamlendra Joshi
- Manoj Singhal
- Suresh Kumar
Holding
Neesa Technologies Limited's 2013-14 issue of Non-Convertible Debentures for Rs 5.96 crore to 341 allottees was a public issue made without prospectus, listing and ILDS compliance, and the Company with seven past/present directors must jointly and severally refund with interest while Suresh Kumar is discharged.
Full text
Page 2 of 29 Date of Hearings: February 18, 2016 Appearances: Mr. Arvind Gupta appeared along with Mr. Akshay Pradeep Jadhav, Advocate. Mr. Akshay Pradeep Jadhav, Advocate also appeared for Mr. Sanjay Gupta.
Page 3 of 29 the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; iii. The past Director of NTL, viz. Shri Nimain Charan Biswal (PAN: ACRPB3767C; DIN: 03306090), is 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. NTL 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, till further directions; v. NTL shall provide a full inventory of all its assets and properties; vi. NTL's abovementioned past and present Directors shall provide a full inventory of all their assets and properties; vii. NTL and its abovementioned present Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the Offer of NCDs, without prior permission from SEBI; viii. NTL and its abovementioned present Directors shall not divert any funds raised from public at large through the Offer of NCDs, which are kept in bank account(s) and/or in the custody of NTL; ix. NTL and its abovementioned present Directors shall furnish complete and relevant information (as sought by SEBI letters dated November 6, 2014 and January 21, 2015), w
Page 4 of 29 Limited (ITSL). Vide the interim order, the noticees were advised to file their replies to the interim order and also to indicate whether they desired any personal hearing in the matter.
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Source: SecMarx — sebi:WTM/PS/46/WRO/JUN/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.