sebi:WTM/SR/ERO/39/07/2014
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Facts / Headnote
Interim directions issued restraining PAFL and its Directors from mobilizing funds, accessing securities market, disposing of assets, and diverting funds; reply sought within 21 days
Provisions invoked
- s. 55A
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- 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)
- s. 73(3)
- s. 465(1)
Parties
- PAFL (Prabhat Agro Finance Limited)
- Mr. Sankar Saha
- Mr. Satya Charan Mondal
- Mr. Abdul Malek
- Mr. Krishna Dakuya
- Mr. Mabud Hossain
- Mr. Rejaul Seikh
- Mr. Sudip Bala
- Mr. Anjan Das
- Ms. Mita Mukherjee
- Mr. Sanjoy Biswas
Holding
PAFL was prima facie found to have violated Sections 56, 60 read with 2(36), and 73 of the Companies Act, 1956 (read with Section 465 of the Companies Act, 2013) by mobilizing funds from the public through the Issue of RPS without complying with public issue requirements, and interim directions were issued restraining PAFL and its Directors from further fund mobilization and from accessing the securities market.
Full text
Page 2 of 14 b. Details regarding the number of application forms circulated inviting subscription; c. Details regarding the number of applications received; d. Details regarding the number of allottees and list of such allottees; e. Number of debentures/preference shares allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of debentures/preference shares; h. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; i. Date of dispatch of debenture/preference share Certificates; j. Details of the total number of applicants for each of PAFL's scheme besides the list of final allottee; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of debenture/preference shares; l. Terms and conditions of the issue of debenture/preference shares.
Page 3 of 14 PAFL, viz. Mr. Sankar Saha, Mr. Satya Charan Mondal, Mr. Abdul Malek, Mr. Krishna Dakuya, Mr. Mabud Hossain, Mr. Rejaul Seikh, Mr. Sudip Bala, Mr. Anjan Das, Ms. Mita Mukherjee and Mr. Sanjoy Biswas. As regards the letters sent to Mr. Anjan Das, Ms. Mita Mukherjee, Mr. Sanjoy Biswas, the same were returned undelivered; however, in respect of the remaining Directors, no reply has been received by SEBI till date.
Page 4 of 14 b. Principal terms of offer: RPS now being offered are subject to the terms of Memorandum and Articles of Association of the company, this offer document, the application form. The principal terms are as follows:
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Source: SecMarx — sebi:WTM/SR/ERO/39/07/2014. 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.