sebi:WTM/PS/74/ERO/IMD/OCT/2015
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Facts / Headnote
Violation found; Company and 8 directors held jointly and severally liable to refund with interest and subjected to securities market restraint and ancillary 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)
Parties
- Newland Agro Industries Limited
- Mr. Gopal Hazra
- Mr. Dipankar De
- Mr. Sanatan Paul
- Mr. Kartick Charan
- Mr. Himadri Bag
- Mr. Koushik Roy
- Mr. Pinku Kumar Das
- Mr. Abhik Hajra
Holding
Newland Agro Industries Limited made a deemed public issue of Redeemable Preference Shares to about 48,886 persons raising about Rs.37.64 crores in 2009-10 to 2012-13 without complying with public-issue norms. The Company and its present and past directors were held jointly and severally liable to refund the money with 15% p.a. interest compounded half-yearly and were restrained from the securities market.
Full text
Page 2 of 16 mobilising 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 16 10. This Order is withoutprejudice to the right of SEBI to take any other action that may be initiated against NAIL and its abovementioned past and present Directors in accordance with law.”
Page 4 of 16 the basis of material available on record. On the date of personal hearing, Ms. Ankita Nevatia, the Company Secretary appeared for the noticee namely Mr. Pinku Kumar Das and Mr. Dinesh Kumar Lodha appeared for the noticee namely Mr. Kartick Charan and made submissions.
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Source: SecMarx — sebi:WTM/PS/74/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.