sebi:WTM/SR/ERO/21/02/2015
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Facts / Headnote
Interim directions issued restraining Hooghly Agrotech and its directors from mobilizing funds, accessing the securities market, disposing of assets, and requiring furnishing of information; debenture trustee restrained from acting as trustee.
Provisions invoked
- s. 11
- s. 12(1)
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 30
- s. 67(3)
- s. 67
- s. 117B
- s. 56
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 73(2)
- s. 56(1)
- s. 117C
- s. 56(3)
Regulations
- Reg. 7
- Reg. 6
- Reg. 16
- Reg. 9
- Reg. 17
- 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
- Hooghly Agrotech
- Shri Subhrajit Banik
- Uma Shankar Shaw
- Shri Debdulal Banik Chowdhury
- Shri Avijit Chowdhury
- Shri Sekhar Chandra Koley
- Himadri Bag
- Shri Arjun Saha
- Smt. Sumita Das
- Shri Subrata Das
- Shri Devid Haslaf
- Shri Miarul Sekh
- Shri Kedar Chandra Bera
- Hooghly Debenture Trust (Mr. Bijay Sarkar)
Holding
The order holds prima facie that Hooghly Agrotech's offer of NCDs to fifty persons or more constituted a public issue under the first proviso to Section 67(3) of the Companies Act, 1956, and that the company violated the Companies Act, 1956 and the Debt Securities Regulations. Interim directions were issued restraining the company, its directors, and its debenture trustee.
Full text
Page 2 of 16 3. As a part of preliminary inquiry, vide letters dated May 05, 2014 SEBI advised Hooghly Agrotech to furnish inter alia the following information/documents in respect of issuance of the NCDs, viz. –
Page 3 of 16 p. Details of debenture trustee viz. name, address, board resolution authorizing their appointment, etc. 4. The aforesaid letters issued to Hooghly Agrotech at 28/2, Shakespeare Sarani, Room No. 601,Centre Point Building , Kolkata- 700 017 (registered address mentioned in 'Ministry of Corporate Affairs' website i.e. 'MCA 21 Portal') and 160 Sarat Pally , P.O. + District Hooghly, West Bengal - 712103 (registered office address of the company as mentioned in the copy of brochure cum application form ) were returned undelivered. Thereafter, vide letters dated letters dated June 13, 2014 SEBI advised the then present directors of the company viz. Mr. Subhrajit Banik, Uma Shankar Shaw, Mr. Debulal Banik Chowdhury, Mr. Avijit Chowdhury and Mr. Sekhar Chandra Koley to provide the requisite information/documents. Letter sent to one of the directors Mr. Subhrajit Banik got returned undelivered. No communication was received from any of the other directors.
Page 4 of 16 MCA21 website and perused. However, details of number of debenture holders were not found on the MCA21 Portal since Hooghly Agrotech has not provided details of the debenture holders in its Annual Returns for the year ended 2009-10, 2010-11, 2011-12 filed with RoC.
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Source: SecMarx — sebi:WTM/SR/ERO/21/02/2015. 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.