sebi:WTM/PS/ERO/88/MAR/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Prima facie finding of unlawful public issue; Company and present and former directors restrained from mobilizing funds, issuing offer documents/advertisements, disposing assets/diverting funds and accessing/dealing in securities market till further directions, directed to cooperate, furnish documents, provide asset inventory, and to show cause within 21 days why refund with 15% interest and market access 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 Lifecare 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)
Holding
URO Lifecare Limited prima facie made a public offer by allotting 2,00,000 equity shares to 106 persons on March 31, 2012 in contravention of sections 56, 60 and 73 read with section 67(3) of the Companies Act, 1956 and the ICDR Regulations. Interim restraints and asset-freeze directions were imposed and the Company and its present and former directors were called to show cause why refund with interest and securities-market prohibitions should not follow.
Full text
Page 2 of 9 a. Copy of Prospectus/Red Herring Prospectus/Statement in lieu of Prospectus/Information Memorandum filed with Registrar of Companies (“RoC”). b. Date of opening and closing of the subscription list; c. Details regarding the number of application forms circulated inviting subscription; d. Details regarding the number of applications received; e. Details regarding the number of allottees and list of such allottees; f. Number of equity shares allotted and value of such allotment against each allottee's name. g. Details regarding subscription amount raised; h. Date of allotment of preference shares/debentures; i. Copies of the minutes of Board/Committee meeting in which the resolution was passed for allotment; j. Date of dispatch of certificates, etc.; k. Details of the total number of applicants for each of the schemes besides the list of final allottee; l. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of preference shares/debentures; m. Terms and conditions of the issue of preference shares/debentures; n. Whether the company has applied for listing of its securities with any of the stock exchanges; o. Copy of Form 2 and Form 10 filed with the RoC; p. Details of debenture trustee viz. name, address, board resolution authorizing their appointment etc.
Page 3 of 9 Bhattacharya (DIN- 00559781) and Smt. Ipsita Das Giri (DIN- 02877459) were found to be the directors during the period June 17, 2011 to April 29, 2013 i.e., during the period when the above equity shares were issued by the Company.
Page 4 of 9 Provided further that nothing contained in the first proviso shall apply to non-banking financial companies or public financial institutions specified in section 4A of the Companies Act, 1956 (1 of 1956).”
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/ERO/88/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.