sebi:WTM/PS/8/IMD/DoF-I/MAY/2015
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Facts / Headnote
Wasankar Wealth Management Limited and its five promoters/directors held jointly and severally liable to forthwith refund money collected through NCPS with 15% per annum interest compounded half-yearly, restrained from accessing/dealing in securities market for 4 years from completion of refunds, and subjected to asset disclosure, alienation bar, public notice and certification requirements.
Provisions invoked
- s. 19
- s. 55A
- s. 73
- s. 28A
- s. 4A
- s. 67(3)
- s. 56
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 73(3)
Parties
- Wasankar Wealth Management Limited
- Mr. Prashant Jaidev Wasankar
- Ms. Mithila Vinay Wasankar
- Mr. Vinay Jaidev Wasankar
- Ms. Bhagyashree Prashant Wasankar
- Mr. Abhijeet Jayant Chaudhari
Holding
The 2012-2013 allotment of 80,34,700 NCPS to 169 investors was a public issue in contravention of Sections 56, 60 read with 2(36), 69 and 73 of the Companies Act, 1956, and Wasankar Wealth Management Limited with its promoters/directors were jointly and severally directed to refund the collections with 15% interest and restrained from the securities market for four years after completion of refunds.
Full text
Page 2 of 10 submitted by the Company vide letter dated July 24, 2014, the following was revealed regarding the issue of NCPS: Table A
Page 3 of 10 Company, the interim order also alleged that the Company prima facie failed to comply with the provisions of Section 73(3) of Companies Act, 1956. h. The Company was also alleged to have not complied with Section 56 and 60 (read with Section 2(36)) of the Companies Act, 1956.
Page 4 of 10 namely ISE Securities & Services Limited. The broker vide its letter dated September 27, 2014, intimated that the interim order could not be delivered to the noticees as the door was locked. It was also intimated that it had pasted the letter of SEBI at the premises of Wasankar and photographs were taken.
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Source: SecMarx — sebi:WTM/PS/8/IMD/DoF-I/MAY/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.