sebi:WTM/SR/ERO/56/08/2014
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Facts / Headnote
Interim directions issued restraining further fund mobilization and market access; corrigendum corrects DINs of three directors
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
- Pinnacle Ventures India Limited
- Shri Rohit Agarwal
- Shri Ram Kumar
- Shri Ashoke Ghosh
- Shri Kousik Sarkar
- Shri Anjan Chatterjee
- Shri Tapas Sarkar
- Shri Sulalit Biswas
- Shri Tridib Narayan Basu
Holding
SEBI prima facie held PVIL's Preference Shares Issue to over 9,000 investors was a deemed public issue violating Sections 56, 60 and 73 of the Companies Act, 1956 and issued interim restraints against PVIL and its past and present directors. By corrigendum dated September 5, 2014, SEBI corrected the DINs of Shri Rohit Agarwal, Shri Ram Kumar and Shri Ashoke Ghosh.
Full text
BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI CORRIGENDUM TO THE ORDER No. WTM/SR/ERO/56/08/2014 DATED AUGUST 22, 2014.
Page 2 of 11 f. Number of debentures/shares allotted and value of such allotment against each allottee's name. g. Details regarding subscription amount raised; 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 PVIL'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 11 iii. Shri Kousik Sarkar (DIN: 03352044), Shri Anjan Chatterjee (DIN: 03352045), Shri Tapas Sarkar (DIN: 03467259), Shri Sulalit Biswas (DIN: 03352064) and Shri Tridib Narayan Basu (DIN: 03352080), who were earlier Directors in PVIL, have since resigned.
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Source: SecMarx — sebi:WTM/SR/ERO/56/08/2014. 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.