sebi:WTM/PS/ERO/85/MAR/2015
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Facts / Headnote
Interim restraint on mobilizing funds, issuing prospectus/advertisements, accessing securities market and disposing assets, with directions to cooperate, furnish documents and asset inventory, and show cause within 21 days why joint and several refund with 15% p.a. interest and further market prohibitions should not be imposed.
Provisions invoked
- s. 24
- s. 19
- s. 55A
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 73(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 67(1)
- s. 56(1)
- s. 56(3)
- s. 73(3)
- s. 621
Regulations
- Reg. 7
- Reg. 107
- Reg. 57
- Reg. 25
- Reg. 6
- Reg. 59
- Reg. 36
- Reg. 46
- Reg. 4(2)(d)
- Reg. 47
- Reg. 5
Parties
- URO Infra Reality India Limited
- Mr. Biswapriya Giri (DIN-02831730)
- Mr. Prasun Mondal (DIN-06568526)
- Mr. Sanjoy Chowhan (DIN-06568541)
- Mr. Sachindra Nath Bhattacharya (DIN-00559781)
- Smt. Ipsita Das Giri (DIN-02877459)
- Mr. Ajit Kumar Routh (DIN-03506274)
- Mr. Bibekananda Maiti (DIN-03499013)
Holding
SEBI prima facie held that URO Infra Reality India Limited made a public offer by allotting 2,65,000 equity shares to 2,650 investors without prospectus and listing compliance, and restrained the company and seven directors from fund mobilization and market access till further orders while calling for show cause on refund with interest.
Full text
Page 2 of 11 d. Details regarding the number of allottees and list of such allottees; e. Number of debentures allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of securities; h. Copies of the minutes of Board/Committee meeting in which the resolution was passed for allotment; i. Date of dispatch of certificates, etc.; j. Details of the total number of applicants for each of the Company's scheme besides the list of final allottee; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of securities. l. Terms and conditions of the issue of debentures.
Page 3 of 11 5. As information was not furnished by the Company, SEBI perused the documents pertaining to the Company available on the 'MCA21 Portal'. From the information available, the following are noticed:
Page 4 of 11 to be seen whether the offer and allotment of the aforesaid equity shares by the Company were done in accordance with the provisions of the Companies Act, 1956, the SEBI Act, 1992 and the relevant regulations framed thereunder.
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Source: SecMarx — sebi:WTM/PS/ERO/85/MAR/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.