sebi:WTM/SR/ERO/48/08/2014
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Facts / Headnote
Interim directions issued restraining RKRIL and its directors from mobilizing funds, issuing offer documents and accessing securities market until further orders
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
- RKRIL
- Mr. Gopal Roy Banik
- Mr. Biswajit Chowdhury
- Ms. Manisha Chatterjee
- Mr. Swapan Kumar Paul
- Mr. Kaushik Chatterjee (past Director)
Holding
SEBI prima facie held that RKRIL's allotment of Redeemable Preference Shares to 1176 investors raising approximately Rs. 131 lakhs in 2012-13 was a deemed public issue in violation of Sections 56, 60 read with Section 2(36) and 73 of the Companies Act, 1956. Pending final adjudication, SEBI restrained RKRIL and its present and past directors from mobilizing funds, issuing offer documents and accessing the securities market.
Full text
Page 2 of 12 e. Number of RPS allotted and value of such allotment against each allottee's name. f. Details regarding subscription amount raised; g. Date of allotment of RPS; h. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; i. Date of dispatch of RPS Certificates; j. Details of the total number of applicants for each of RKRIL's scheme besides the list of final allottee; k. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of RPS; l. Terms and conditions of the issue of RPS.
Page 3 of 12 3. The material available on record i.e. correspondences exchanged between SEBI and RKRIL alongwith the documents contained therein; information obtained from the 'MCA 21 Portal' have been perused. On an examination of the same, it is observed that –
Page 4 of 12 Sr. No. Date of Allotment No. of Allottees Amount (₹ in Lakhs) 1. 20.04.2012 49 5.62 2. 24.04.2012 49 3.05 3.
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Source: SecMarx — sebi:WTM/SR/ERO/48/08/2014. 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.