sebi:WTM/SR/ERO/52/08/2014
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Facts / Headnote
Interim directions issued restraining PCL and its directors from further fund mobilization, market access and asset disposal pending 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)
Regulations
- Reg. 3
- Reg. 5(1)(d)
Parties
- PCL
- Shri Souvik Mistry (DIN: 02566012)
- Shri Bikash Howlader (DIN: 02566016)
- Shri Ajoy Das (DIN: 05221652)
Holding
SEBI prima facie held PCL's Issue of Redeemable Preference Shares to 1915 persons raising approx Rs 2.07 Crores was a deemed public issue in violation of Sections 56, 60 and 73 of the Companies Act, 1956 and issued interim restraining and disclosure directions.
Full text
Page 2 of 12 h. Date of allotment of debentures/shares; i. Copies of the minutes of Board/Committee meeting in which the resolution has been passed for allotment; j. Date of dispatch of debenture/share Certificates; k. Details of the total number of applicants for each of PCL's scheme besides the list of final allottee; l. Copies of application forms, pamphlets, advertisements and other promotional material circulated for issuance of debenture/shares; m. Terms and conditions of the issue of debenture/shares. 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 the ROC (alongwith all the attachments); p. Details of debenture trustee, etc.
Page 3 of 12 i. PCL was incorporated on March 25, 2009, with the ROC, Kolkata, West Bengal with CIN No. as U01400WB2009PLC134240. PCL's Registered Office is at Moon Sun Apartment, Flat – D, 2nd Floor, Kolkata–700052, West Bengal, India.
Page 4 of 12 4.1 In the context of the abovementioned details of the Issue of RPS, the issue for determination in the instant matter is whether the mobilization of funds by PCL through the aforesaid, is in accordance with the provisions of the SEBI Act, 1992 ("SEBI Act"); the Companies Act, 1956 read with the Companies Act, 2013.
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Source: SecMarx — sebi:WTM/SR/ERO/52/08/2014. 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.