sebi:WTM/RKA/ERO/139/2014
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Facts / Headnote
Directions issued: refund of ₹595 crore with 15% interest, public notice, certification of refund, and prohibition from accessing capital market for three years
Provisions invoked
- s. 11A
- s. 19
- s. 11(1)
- s. 73
- s. 67(3)
- s. 67
- s. 73(2)
- s. 67(1)
- s. 73(1)
- s. 2(36)
- s. 56(1)
- s. 56(3)
- s. 60(1)
- s. 465(2)
- s. 73(3)
Regulations
- Reg. 7
- Reg. 36
- Reg. 6
- Reg. 25
- Reg. 47
- Reg. 37
- Reg. 46
- Reg. 107
- Reg. 57
- Reg. 5
- Reg. 4(2)(d)
- Reg. 4
Parties
- NVD Solar Limited
- Mr. Saibal Kumar Hazra
- Mr. Subrata Kumar Mandal
- Mr. Dipsekhar Mukherjee
Holding
NVD Solar Limited's issuance of 59.5 crore equity shares to 1,09,480 entities on March 30, 2013 constituted a 'public issue' under section 67(3) of the Companies Act, 1956, and NVD and its directors are liable to refund ₹595 crore with 15% interest and are prohibited from accessing the capital market for three years.
Full text
____________________________________________________________________________________ Order in the matter of NVD Solar Limited Page 2 of 10
____________________________________________________________________________________ Order in the matter of NVD Solar Limited Page 3 of 10 (received by SEBI on August 25, 2014 at 07:04 pm), stating their in ability to attend the hearing on August 26, 2014 on the ground that they had received the hearing notice from SEBI on August 23,
____________________________________________________________________________________ Order in the matter of NVD Solar Limited Page 4 of 10 (3) No offer or invitation shall be treated as made to the public by virtue of sub- section (1) or sub-section (2), as the case may be, if the offer or invitation can properly be regarded, in all the circumstances – (a) as not being calculated to result, directly or indirectly, in the shares or debentures becoming available for subscription or purchase by persons other than those receiving the offer or invitation; or (b) otherwise as being a domestic concern of the persons making and receiving the offer or invitation : Provided that nothing contained in this sub-section shall apply in a case where the offer or invitation to subscribe for shares or debentures in made to fifty persons or more: …………………………………………………….………."
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Source: SecMarx — sebi:WTM/RKA/ERO/139/2014. 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.