sebi:WTM/SR/ERO/17/05/2014
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Facts / Headnote
Interim directions issued prohibiting PIL and its directors from mobilizing funds, requiring inventory of assets, barring disposal of properties, and prohibiting Shri Pulak Roy from acting as debenture trustee; reply invited within 21 days
Provisions invoked
- s. 11
- s. 12(1)
- s. 55A
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 73(2)
- s. 465
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 56(1)
- s. 56(3)
- s. 465(2)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- PIL (company)
- Shri Anukul Maiti
- Smt. Kanika Maiti
- Shri Swapan Roy
- Shri Samar Mustafi
- Shri Atanu Halder
- Shri Pulak Roy
Holding
SEBI found PIL prima facie in violation of Sections 56, 60 read with 2(36), 73, and 117B of the Companies Act, 1956 read with Section 465 of the Companies Act, 2013 and the Debt Securities Regulations, and issued interim directions restraining PIL and its directors from further fund mobilization and Shri Pulak Roy from acting as debenture trustee.
Full text
Page 2 of 15 d. Details regarding the number of allottees and list of such allottees; e. Number of NCDs allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of NCDs; h. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; i. Date of dispatch of NCDs; j. Details of the total number of applicants for each of PIL's scheme besides the list of final allottee; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of NCDs. l. Terms and conditions of the issue of NCDs.
Page 3 of 15 The Company had circulated 9000 Application Forms inviting subscription for Debentures. c. Till date the company has received 8593 Application Forms. d. List of allottees alongwith name and amount raised is attached … e. The Company had allotted 1144711 Debenture Certificate as per the list attached … f. The Company had allotted all the Debentures within 1 (One) month of the application received. g. Copies of the Minutes of Board/committee meeting in which the resolution has been passed for allotment is attached … h. The Company had not issued any pamphlets or any advertisement in regard to issue of Debentures. i. Terms and conditions of the issue of Debentures are annexed… j. The Company had till date redeem Debenture of ₹2316800. The amount of maturity is ₹2594816. A list of the same is annexed…"
Page 4 of 15 iii. The "Offer of NCDs" is stated to have been made on a private placement basis pursuant to the Resolution of the Committee of Directors of PIL passed at the Board Meeting held on September 24, 2012.
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Source: SecMarx — sebi:WTM/SR/ERO/17/05/2014. 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.