sebi:WTM/PS/62/ERO/IMD/OCT/2015
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Facts / Headnote
Directions issued: refund of money collected through RPS with 15% per annum interest compounded half-yearly, inventory of assets, restraint from accessing securities market, public notice for refunds, and referral to authorities for further action in case of non-compliance.
Provisions invoked
- s. 19
- s. 27
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- 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)
Parties
- Sunheaven Agro India Limited
- Mr. Suranjan Mondal
- Mr. Kashi Nath Chanda
- Mr. Mrityunjay Bar
- Mr. Pijush Kanti Jana
- Mr. Madhab Chandra Das
- Mr. Khokon Biswas
- Mr. Provash Bala
- Mr. Kanai Lal Pramanik
- Mr. Ganesh Dam
- Mr. Mangol Bhattacharjee
Holding
The Company (SHAIL) made a public issue of Redeemable Preference Shares by allotting to more than 49 persons, thereby violating Sections 56, 60 and 73 of the Companies Act, 1956, and the 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 activity from the public, by making offer and issuing Redeemable Preference Shares (hereinafter referred to as ‘RPS’) and had allegedly violated the provisions of Sections 56, 60 [read with Section 2(36)], 73 of the Companies Act, 1956 read with the Companies Act, 2013. In order to protect the investors who have subscribed to the impugned offer and issue of RPS and to prevent the Company from further carrying on with its fund mobilizing activity under the offer of RPS, SEBI had issued the following directions: “… …
Page 3 of 17 2. The interim order observed that the prima facie observations made therein were on the basis of the information obtained from the 'MCA 21 Portal' and the documents received from the complainants. The interim order advised the Company and its directors that they may file their replies within 21 days from the date of receipt of the
Page 4 of 17 of personal hearing, he had filed a copy of the reply dated July 14, 2014, of the noticee namely Mr. Pijush Kanti Jana and Form 32 pertaining to Mr. Suranjan Mondal.
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Source: SecMarx — sebi:WTM/PS/62/ERO/IMD/OCT/2015. 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.