sebi:WTM/RKA/EFD-DRA-III/191/2016
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Facts / Headnote
Directions issued: joint and several refund of money with 15% interest within three months, market access ban for four years, association ban with public companies for four years, asset disclosure, public notice, and disposal of interim order.
Provisions invoked
- s. 19
- s. 73
- s. 28A
- s. 67(3)
- s. 56
- s. 73(2)
- s. 291
- s. 2(36)
- s. 60
- s. 2(60)
- s. 56(1)
- s. 56(4)
- s. 40(3)
Parties
- AVM Real Estate & Allied Limited
- Mr. Rajeshwar Prasad Dwivedi
- Mr. Anil Kumar Sahu
- Mr. Mahendra Kumar Sahu
- Mr. Ashutosh Dwivedi
Holding
AVM Real Estate & Allied Limited and its four directors were found to have made a public issue of Redeemable Preference Shares in violation of the Companies Act, 1956 and SEBI Act, and were directed to jointly and severally refund the money collected with 15% interest within three months, and restrained from accessing the capital market and associating with public companies for four years.
Full text
Order in the matter of AVM Real Estate & Allied Limited Page 2 of 9 04/01/2013. c. A perusal of the Balance Sheet as at March 31, 2011, March 31, 2012 and March 31, 2013 indicates the following amounts under the head “Share Application Money Pending Allotment":
Order in the matter of AVM Real Estate & Allied Limited Page 3 of 9 under Section 67(3) of the Companies Act, 1956, which has been elucidated by the Hon'ble Supreme Court of India in the Sahara Case
Order in the matter of AVM Real Estate & Allied Limited Page 4 of 9 ix. AVM and its abovementioned Directors shall, within 21 days from the date of receipt of this Order, provide SEBI with all relevant and necessary information as sought by SEBI.”
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Source: SecMarx — sebi:WTM/RKA/EFD-DRA-III/191/2016. 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.