sebi:WTM/SM/16/2021-22
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Facts / Headnote
Proceedings and interim order disposed of; information submitted by Noticees to be examined by SEBI; Noticees at liberty to supplement information within 30 days
Provisions invoked
- s. 11
- s. 11(1)
- s. 67(3)
- s. 67
- s. 56
Regulations
- Reg. 201
Parties
- Babanraoji Shinde Sugar & Allied Industries Limited
- Ranjeetsingh Babanrao Shinde
- Vikramsingh Babanrao Shinde
- Santosh Vyankatesh Garad
- Pranita Ranjeetsingh Shinde
- Santosh Baban Varpe
- Bhausaheb Vishnupant Patil
- Santosh Hanumant Marathe
- Babanrao Vittalrao Shinde
- Sunanda Babanrao Shinde
- Amruta Vikramsingh Shinde
Holding
The proceedings and interim order against the Noticees were disposed of without adjudication, with the direction that SEBI examine the Noticee Company's claim of parity with similarly placed issuer companies treated under an internal policy, and the Noticees were given 30 days to supplement information.
Full text
Order in the matter of Babanraoji Shinde Sugar & Allied Industries Limited Page 1 of 14 WTM/SM/16/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Babanraoji Shinde Sugar & Allied Industries Limited Page 2 of 14 (The above entities are individually referred to by their corresponding names/numbers and collectively referred to as “Noticees”)
Order in the matter of Babanraoji Shinde Sugar & Allied Industries Limited Page 3 of 14 ii. The Company had issued NCRPS to more than 49 persons during the financial year 2013-14, which was more than the statutory limit of persons prescribed for making private placement of securities under the extant corporate law as applicable to the aforesaid Financial Year. iii. The said act of issuance of NCRPS to more than 49 persons during FY 2013-14 was deemed to be a public issue of securities. iv. The Company, while issuing its NCRPS to public, did not follow the applicable provisions of the Companies Act, 1956 and the NCRPS Regulations of SEBI, governing issuance of securities to public at large.
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Source: SecMarx — sebi:WTM/SM/16/2021-22. 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.