sebi:WTM/SR/ERO/33/07/2014
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 Mega Mould and its Directors from mobilizing funds, prohibiting debenture trustees from continuing assignment, and requiring inventory of assets and reply 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)
- Reg. 13A(a)
Parties
- Mega Mould India Limited
- Shri Anukul Maiti
- Smt. Kanika Maiti
- Shri Swapan Roy
- ICore E-Services Limited
- Mega Mould Debenture Trust
Holding
Mega Mould India Limited was prima facie engaged in fund mobilisation from the public through the issue of NCDs without complying with the Companies Act, 1956, the SEBI Act, and the Debt Securities Regulations, warranting interim restraining directions.
Full text
Page 2 of 18 h. Copies of the minutes of Board/Committee meeting in which the resolution was passed for allotment; i. Date of dispatch of NCDs certificates, etc.; j. Details of the total number of applicants for each of Mega Mould's scheme besides the list of final allottees; 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 18 3.2 Vide the abovementioned letter, SEBI also sought explanation/clarification from Mega Mould in respect of the following, viz. –
Page 4 of 18 Roy. Mega Mould became a subsidiary of ICore E Services Limited by virtue of a Board Resolution dated June 30, 2010.
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Source: SecMarx — sebi:WTM/SR/ERO/33/07/2014. 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.