sebi:WTM/SR/ERO/20/05/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining GKIL and its Directors from mobilizing funds from the public, prohibiting debenture trustees from continuing in their assignments, and calling for replies 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. 117C
- s. 56(3)
Regulations
- Reg. 7
- Reg. 6
- Reg. 9
- Reg. 17
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 4(4)
- Reg. 4(2)(a)
- Reg. 19
- Reg. 26
- Reg. 16(1)
- Reg. 4(2)(b)
- Reg. 4(2)(d)
- Reg. 4(2)(c)
- Reg. 5(2)(b)
Parties
- Greater Kolkata Infrastructure Limited
- Shri Subir Dutta
- Shri Nakhat Sing Agarwalla
- Shri Bimalendu Rakshit
- Shri Sujay Roy Choudhury
- Smt. Sherrie Lal Vasdev
Holding
GKIL was found prima facie to have violated the Companies Act, 1956 (Sections 56, 60 read with 2(36), 73, 117B-C) read with Section 465 of the Companies Act, 2013 and the Debt Securities Regulations by mobilizing funds from the public through an offer of NCDs to 10,083 investors without complying with public issue requirements. The debenture trustees were found prima facie ineligible and acting as unregistered debenture trustees.
Full text
Page 2 of 16 c. Details regarding the number of applications received; d. Details regarding the number of allottees and list of such allottees; e. Number of Debentures allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of debenture; h. Copies of the minutes of Board/Committee meeting in which the resolution was passed for allotment; i. Date of dispatch of debenture certificates; j. Details of the total number of applicants for each of GKIL's scheme besides the list of final allottee; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of debentures. l. Terms and conditions of the issue of debentures.
Page 3 of 16 4. Thereafter, SEBI vide letter dated May 16, 2013, advised GKIL to submit the aforementioned information (sought vide letter dated November 7, 2012), by May 23,
Page 4 of 16 g. Certificate of CA attached to that effect. h. Copies of e-Form 10 & 23 duly attached and the Mortgage Certificate issued by the concerned Registrar of Companies, after verification of all such due adhered procedure under the applicable provisions of the Companies Act, 1956 and issued such Certificate under provisions of Section 132 of the Companies Act, 1956."
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Source: SecMarx — sebi:WTM/SR/ERO/20/05/2014. 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.