sebi:WTM/SR/ERO/40/03/2015
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Facts / Headnote
Interim directions restraining GHAPIL and its directors from mobilizing funds, accessing the securities market, disposing of assets, and diverting funds; show cause notice issued requiring reply within 21 days
Provisions invoked
- s. 11
- s. 55A
- s. 22
- s. 73
- s. 4A
- s. 67(3)
- s. 67
- s. 56
- s. 67(1)
- s. 67(2)
- s. 73(1)
- s. 2(36)
- s. 60
- s. 73(2)
- s. 56(1)
- s. 56(3)
Parties
- Ganga Hotels and Properties India Limited (GHAPIL)
- Shri Pradip Kumar Bera
- Shri Gouranga Sundar Chakraborty
- Shri Kalidas Datta
- Shri Anukul Patra
- Shri Ashok Kumar Yadav
- Shri Avijit Chakraborty
- Shri Mrinal Kanti Paul
- Smt. Minu Chakrabarti
Holding
GHAPIL was prima facie engaged in fund mobilisation from the public through the offer of Redeemable Preference Shares (RPS) to fifty persons or more, constituting a public issue under Section 67(3) of the Companies Act, 1956, and thereby violated Sections 56, 60 read with 2(36), and 73 of that Act. Interim directions were issued restraining GHAPIL and its directors from further fund mobilisation and securities market activity pending investigation.
Full text
Page 2 of 13 b. Date of opening and closing of the subscription list for the said preference shares/debentures; c. Details regarding the number of application forms circulated inviting subscription for preference shares/debentures; d. Details regarding the number of applications received; e. Details regarding the number of allottees and list of such allottees; f. Number of preference shares/debentures allotted and value of such allotment against each allottee's name. g. Details regarding subscription amount raised; h. Date of allotment of preference shares/debentures; i. Copies of the minutes of Board/Committee meeting in which the resolution was passed for allotment; j. Date of dispatch of preference shares/debentures certificates; k. Details of the total number of applicants for each of GHAPIL's schemes besides the list of final allottees; l. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of preference shares/debentures. m. Terms and conditions of the issue of preference shares/debentures. n. Whether the company has applied for listing of its securities with any of the stock exchanges. o. Copy of Form 2 and Form 10 filed with RoC p. Details of debenture trustee viz. name, address, board resolution authorising appointment.
Page 3 of 13 i. "Our company have not commenced its business, hence the management does not considered to prepare financial statement and file the same with ROC. However, as required by company law we shall file the same within shortest time. ii. The company also not make any public issue of shares and debentures and attempt to listing its share and debentures. Hence there is no document for submission. iii. The company has not allotted any share or debentures except subscription to the MOA. Hence we have not filed any Form No. 2 with ROC."
Page 4 of 13 9. The material available on record i.e. correspondence exchanged between SEBI and directors of GHAPIL; information/documents provided by the Office of the Director, Economic Offences Investigation Cell (EOIC), Finance Department, Government of West Bengal and information/documents obtained from the Ministry of Corporate Affairs' website i.e. 'MCA 21 Portal' have been perused. On an examination of the same, it is observed that – i. GHAPIL (CIN:U01403WB2012PLC173945) was incorporated on February 11, 2012 with the RoC, Kolkata having its registered office at 72/1, Station Road, Mitra Compound, Midnapore, West Bengal- 721101.
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Source: SecMarx — sebi:WTM/SR/ERO/40/03/2015. 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.