sebi:WTM/RKA/EFD/127/2016
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Facts / Headnote
Noticees directed to jointly and severally refund money collected through the issue of Redeemable Preference Shares with 15% per annum interest within three months; restrained from accessing capital market and dealing in securities for four years or till refund, whichever is later; directors restrained from associating with listed/public companies raising money from public for the same period; asset inventory, escrow account, public notice, and refund completion certificate directions issued.
Provisions invoked
- s. 19
- s. 28A
- s. 67(3)
- s. 56
- s. 73(2)
- s. 291
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(4)
Regulations
- Reg. 107
- Reg. 111
Parties
- Great Overseas Commodeal Limited [PAN: AAECG0029L]
- Shri Tirthankar Dasgupta [PAN: AOQPD8911D]
- Shri Pratap Mondal [PAN: BBHPM8968G]
- Shri Gora Chand Pandey [PAN: BOEPP0786H]
Holding
Great Overseas Commodeal Limited and its directors Tirthankar Dasgupta, Pratap Mondal and Gora Chand Pandey were held liable for violating sections 56, 60 read with section 2(36) and 73 of the Companies Act, 1956 by making a public issue of Redeemable Preference Shares without complying with public issue norms, and were directed to refund the subscription money with 15% interest and restrained from the securities market for four years or till refund, whichever is later.
Full text
Order in respect of Great Overseas Commodeal Limited and others. Page 2 of 6 advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further orders; c. GOCL and its abovementioned Directors, are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions; d. GOCL shall provide a full inventory of all its assets and properties; e. GOCL's abovementioned Directors shall provide a full inventory of all their assets and properties; f. GOCL and its abovementioned Directors shall not dispose of any of the properties or alienate or encumber any of the assets owned/acquired by that company through the offer of RPS, without prior permission from SEBI; g. GOCL and its abovementioned Directors shall not divert any funds raised from public at large through the offer of RPS, which are kept in bank account(s) and/or in the custody of GOCL; h. GOCL and its abovementioned Directors shall furnish complete and relevant information within 21 days from the date of receipt of this Order.”
Order in respect of Great Overseas Commodeal Limited and others. Page 3 of 6 personal hearing. The Company and its directors were advised that in case they fail to appear before SEBI on the aforesaid date, then the matter would be proceeded ex-parte on the basis of material available on record.
Order in respect of Great Overseas Commodeal Limited and others. Page 4 of 6 Shri Gora Chand Pandey 01/07/2011 Continuing as director
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Source: SecMarx — sebi:WTM/RKA/EFD/127/2016. 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.